If a group has a positive elasticity of labor supply, then increases in wages will result in continued increases in the quantity of labor supplied.
Answer the following statement true (T) or false (F)
True
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The public education system is an example of
A) an income maintenance program. B) a negative income tax. C) the poor paying more than the market price for a service they receive. D) a subsidized service.
A monopoly has two production plants with cost functions C1 = 50 + 0.1Q12 and C2 = 30 + 0.05Q22. The demand it faces is Q = 500 ? 10P. What is the profit-maximizing level of output?
A. Q1 = Q2 = 62.5. B. Q1 = Q2 = 125. C. Q1 = 62.5; Q2 = 125. D. Q1 = 125; Q2 = 62.5.
Refer to the diagram. At output level Q, Multiple Choice
A. one cannot determine whether marginal product is falling or rising. B. marginal product is falling. C. marginal product is rising. D. marginal product is negative.
The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for raising goats on a common pasture. The efficient outcome is raising ________
A) 0 goats B) 40 goats C) 50 goats D) 55 goats