The long-run labor demand curve is:
A. more elastic than the short-run labor demand curve.
B. less elastic than the short-run labor demand curve.
C. either more or less elastic than the short-run labor demand curve.
D. perfectly elastic (horizontal).
Answer: A
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The idea of efficiency is used to address which of the following questions?
A. What are the wants and constraints of those involved? B. What are the trade-offs? C. How will others respond? D. Why isn't everyone already doing it?
Assume that a doctor makes $200 per hour, a lawyer $250 per hour, an architect $140 per hour, a professor $50 per hour, and a waiter $35 per hour. Which of these professionals is most likely to spend time to negotiate with a car dealer?
a. The doctor b. The lawyer c. The architect d. The professor e. The waiter
When resources are commonly owned, there are incentives in place to ensure that the resources are used efficiently
a. True b. False Indicate whether the statement is true or false
A firm's profit is
a. greater if it is a corporation rather than if it is a sole proprietorship b. higher if it raises its price than if it does not c. lower if it lowers its price than if it does not d. never taxed by the government e. its revenue minus its costs