The labor supply curve facing a monopsonist is
a. downward sloping
b. upward sloping
c. a horizontal line
d. backward bending
e. a vertical line
B
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What is the difference between a normal good and an inferior good? How does this relate to the demand curve?
What will be an ideal response?
An economy that is producing a gross domestic product worth $100 million but is capable of producing an output worth $150 million at full-employment equilibrium would have a(n): a. recessionary gap of $50 million
b. expansionary gap of $100 million. c. recessionary gap of $150 million. d. expansionary gap of $250 million.
Social welfare is maximized in a perfectly competitive market
Indicate whether the statement is true or false
Which of the following pairs would most likely be confused for each other?
a. causation and hypothesis b. composition and hypothesis c. correlation and composition d. causation and correlation