Production indifference curves show the combination of inputs that produce a given output.
Answer the following statement true (T) or false (F)
True
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Which of the following is likely to cause an increase in the wage rate and a fall in the employment level in a country?
A) A right shift in the demand curve for labor, without any change in the supply curve for labor B) A left shift in the demand curve for labor, without any change in the supply curve for labor C) A right shift in the supply curve for labor, without any change in the demand curve for labor D) A left shift in the supply curve for labor, without any change in the demand curve for labor
The principal difference between economic profits for a monopolist and for a competitive firm is that:
a. monopoly profits create major problems of equity whereas competitive profits do not. b. competitive profits exist only in the short run whereas monopoly profits may exist in the long run as well. c. monopoly profits represent a transfer out of consumer surplus whereas competitive profits do not. d. monopoly profits are usually larger than competitive profits.
In the same city, one job currently pays $6 more per hour than another job. The two jobs have equivalent training requirements, but labor is not migrating toward the higher-paying occupation. Both markets are perfectly competitive. Which of the following conclusions is correct?
a. The lower-paying occupation has less attractive nonmonetary characteristics. b. There are barriers to entry into the higher-paying occupation. c. The higher-paying occupation has a dominant labor union. d. There are barriers to entry into the lower-paying occupation. e. The higher-paying occupation has less attractive nonmonetary characteristics.
Tax creates a deadweight loss
What will be an ideal response?