Increased immigration is likely to lead to the labor demand curve shifting to the right
Indicate whether the statement is true or false
FALSE
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To raise economic development, developing countries should
A) focus on producing service goods. B) produce goods that are capital intensive and not labor intensive. C) not focus on economic growth. D) focus on their comparative advantage.
A model that is an oversimplification for one purpose will likely be an oversimplification for other purposes as well
a. True b. False Indicate whether the statement is true or false
Monopolistically competitive firms:
A. realize normal profits in the short run but losses in the long run. B. incur persistent losses in both the short run and long run. C. may realize either profits or losses in the short run but realize normal profits in the long run. D. persistently realize economic profits in both the short run and long run.
Marginal utility is
A) the utility received by the last consumer of a good. B) the total utility received from consuming a given quantity of a good divided by the number of units consumed. C) the change in total utility from consuming an additional unit of a good. D) the utility received from consuming the first unit of a good.