Throughout the 1980s, accounting departments in U.S. universities were unable to fill many available faculty positions. This fact suggests that the salaries offered by these departments
a. suffered from the cost disease of the service sector.
b. were below the market price for qualified accountants.
c. created externalities.
d. failed to reflect productivity growth in teaching.
b
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Fogel and Engerman (1974) find evidence to suggest that young slave children were often sold by profit-maximizing slave owners
Indicate whether the statement is true or false
The shape of the costs curves may be traced back to
A) the law of diminishing marginal utility. B) the difference between the short run and the long run. C) the law of diminishing marginal returns. D) the fact that all production occurs in the long run.
Consider the market for grapes. An increase in the wage paid to grape pickers will cause the:
A. demand curve for grapes to shift to the right, resulting in a higher equilibrium price for grapes and a reduction in the quantity consumed. B. demand curve for grapes to shift to the left, resulting in a lower equilibrium price for grapes and an increase in the quantity consumed. C. supply curve for grapes to shift to the right, resulting in a lower equilibrium price for grapes and an increase in the quantity consumed. D. supply curve for grapes to shift to the left, resulting in a higher equilibrium price for grapes and a decrease in the quantity consumed.
Refer to the information provided in Figure 5.4 below to answer the question(s) that follow.
Figure 5.4Refer to Figure 5.4. The demand for milkshakes is unit elastic at Point C. If the milkshake price falls from P1 to P2, total revenue will
A. either increase or decrease. B. decrease. C. increase. D. remain constant.