A perfectly inelastic supply curve is vertical
a. True
b. False
Indicate whether the statement is true or false
True
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In the above figure, curve A is the ________ curve and curve C is the ________ curve
A) total variable cost; total fixed cost B) total cost; total fixed cost C) total fixed cost; total variable cost D) total cost; total variable cost E) total variable cost; total cost
If 1 - b = WN/PY where W is the nominal wage rate, N is the quantity of labor input, and PY is total income in nominal terms, then labor's share of national income shrinks if
A) (w - p) > (y - n). B) (w - p) < (y - n). C) (w - n) > (y - p). D) (w - n) < (y - p).
A profit maximizing monopoly will produce that output for which:
a. marginal revenue equals price. b. average cost is minimized. c. marginal cost is minimized. d. marginal cost equals marginal revenue.
A person has a comparative advantage if
a. she can produce everything more cheaply than her co-worker can b. she can produce everything at a faster rate than her co-worker can c. she can produce a good with a smaller opportunity cost than her co-worker can d. she sees through corporate and government manipulation e. she gets rich through inheritance