Which of the following is not an example of a model?
A. a small plastic airplane tested in a wind tunnel
B. a highway map
C. a photograph of the inside of a computer
D. a poster of the human digestive system
Answer: C
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A monopolistically competitive firm in the long run will
a. have a demand curve tangent to its AC. b. have a demand curve below its AC. c. have a demand curve above its AC. d. operate where excessive profit can be achieved.
The United Automobile Workers union can select the most favorable point on the demand curve for labor and the auto manufacturing companies can do nothing in response.
Answer the following statement true (T) or false (F)
A. households are on the buying side of both product and resource markets. B. businesses are on the selling side of both product and resource markets. C. households are on the selling side of the resource market and on the buying side of the
product market. D. businesses are on the buying side of the product market and on the selling side of the resource market. A. capital goods and consumer goods. B. free and controlled. C. product and resource. D. household and business.
The supply of labor to one industry will decrease when
A. the price of leisure activities falls. B. workers receive better employment opportunities in other industries. C. the income effect dominates the substitution effect. D. the demand for labor falls in the industry.