If a firm faces an upsloping labor supply curve (and there is no union or minimum wage), its:
A. MRC curve is also upsloping.
B. MRC curve is perfectly elastic.
C. MRP curve is perfectly inelastic.
D. MRP curve is also upsloping.
Answer: A
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Assume that each day a firm uses 13 employee-hours and an office to produce 100 units of output. The price of each unit output is $5, the hourly wage rate is $10, and rent on the office is $200 per day. Each day the firm earns a ________ of ________.
A. loss; $200 B. profit; $370 C. profit; $170 D. loss; $170
If income doubles and the quantity demanded of good X more than doubles, then good X can be described as a
a. substitute good. b. complement good. c. necessity. d. luxury.
The value of the CPI's "market basket" is determined by ________.
A) the combined prices of a specified set of goods and services, including taxes B) the net profit earned by businesses selling a specified set of goods and services C) the price of all goods and services, including taxes, purchased in a particular period D) the cost of production for a specified set of goods and services in a given market E) the difference between the prices of the raw materials used to create goods and the prices the consumer actually pays for these finished goods
In the long run, the output level is determined by
A. aggregate demand. B. aggregate supply. C. household income. D. the government.