If the elasticity of labor supply is positive, the labor-supply curve would be
A. vertical.
B. upward sloping.
C. downward sloping.
D. horizontal.
Answer: B
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When an economy produces more houses and fewer typewriters, it is answering the ________ part of one of the two big economic questions
A) "what" B) "how" C) "where" D) "for whom"
After constructing a new factory, the cost of building the factory is a
A) past cost. B) sunk cost. C) variable cost. D) None of the above answers are correct.
What are the characteristics of a market that allow a monopolist to successfully price discriminate between groups?
What will be an ideal response?
Regarding costs, accountants _____; economists _____
a. identify stable and predictable costs for decision-making purposes; measure costs for financial reporting purposes b. identify stable and predictable costs for financial reporting purposes; measure costs for decision making purposes c. do not include opportunity costs; include opportunity costs d. include opportunity costs; do not include opportunity costs e. both b and c f. both a and d