If labor markets were perfectly efficient, the employment rate would rise to 100%.
Answer the following statement true (T) or false (F)
False
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Suppose that the demand curve D m for medical services can be characterized by the equation M = 2000 - P, where M is the amount of medical services received per year and P is the price. Suppose further that P 0 is constant at 800.
(a) Find the equilibrium quantity of services at P 0 . (b) Find the equilibrium quantity of services when there is only a co-payment of 20% required such that the price is 0.2P 0 . (c) How much additional expenditures induced by insurance are created?
Hooterville's Chamber of Commerce has been successful in its campaign to attract manufacturing firms ("Locate here, we give a hoot!") and the community has experienced an increased average wage rate. Why?
a. The new firms like residents of Hooterville. b. Labor costs more in other communities. c. Hooterville has a nice train station. d. The supply of labor has changed. e. The demand for labor has changed.
Figure 11-8
Given the average cost curve shown in Figure 11-8 for dry cleaning, where Q1 is the quantity demanded in a small town, and Q2 for a larger town, you would expect dry cleaning to be a monopoly
A. in a small town, but not a large one. B. in both large and small towns. C. in a large town, but not a small one. D. only if the process is patented.
The relative concept of poverty means that poverty will never be eliminated.
Answer the following statement true (T) or false (F)