If a firm takes the wage as given, then the firm's marginal expenditure on labor curve is
A) above the labor supply curve.
B) below the labor supply curve.
C) the same as the labor supply curve.
D) upward sloping.
C
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Explain how the following factors will shift the supply curve for sparkling wine:
a. New irrigation technology improves the average yield of a vineyard. b. Following an increase in the immigration of unskilled labor, the wages of wine-grape pickers fall. c. The government sets a minimum wage for seasonal employment.
If a tire manufacturer agrees to sell its tires to an automobile producer on the contractual condition that the automobile producer purchases 100 percent of its tires needed from the tire manufacturer, this is an example of ________.
A) an exclusive dealing contract B) a requirements contract C) a tying arrangement D) a horizontal contract
Assume that an industry requires a very specialized technology that involves high start-up costs for new firms no matter what level of output they produce. In the long run, at low levels of output, these firms will tend to exhibit
a. diminishing marginal returns b. increasing marginal returns c. diseconomies of scale d. constant returns to scale e. economies of scale
Which of the following examples shows causation?
a. When Terence found out he won the lottery, he jumped up and down with joy. b. When Yuki sat in a chair, he heard an ambulance siren. c. When Terence called a friend to tell him he won the lottery, a bird began to sing merrily outside. d. As the ambulance went by Yuki’s house, he drank his coffee.