If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, we would expect the:
A. labor-demand curve in that market to shift left.
B. labor-supply curve in that market to shift right.
C. labor-demand curve in that market to shift right.
D. labor-supply curve in that market to shift left.
Answer: A
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Marginal profit is the additional profit that accrues to the firm when the output rises by one unit
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of the free-rider problem?
a. Both Zoe and Zach receive low-cost dental care at the local dental school, so neither of them pays the full cost of the care. b. Alfred receives a free lunch from the local "Meals on Wheels" program because of his low monthly income. Yet his next door neighbor, Alice, is not eligible for the free lunch. c. Bruce owns Buster, a large dog who barks whenever anyone walks near his house. Betty lives next to Bruce, and Buster's barking can be heard whenever anyone walks near her house, too. Thus, Betty receives free protection from burglars because of Buster's barking. d. Sam purchases a burger at a fast food restaurant and gets a second burger free because the restaurant is having a buy one, get one free sale.
Which of the following is the most accurate statement?
a. Trade policy has neither microeconomic nor macroeconomic effects. b. Trade policy has similar microeconomic and macroeconomic effects. c. The effects of trade policy are more macroeconomic than microeconomic. d. The effects of trade policy are more microeconomic than macroeconomic.
Discuss the relationship between U.S. competitiveness relative to other countries and standards of living in the United States
What will be an ideal response?