Other things equal, the supply of labor will be higher to a job that
a. requires a supervisor to closely monitor employee performance
b. provides few opportunities for training
c. has a starting time of midnight
d. requires advanced skills or education
e. has more amenities
E
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Refer to Figure 8.1. Holding other variables constant, an increase in the skill level of workers will result in a
A) shift from curve D1 to curve D2. B) shift from curve D2 to curve D1. C) movement from point A to point B. D) movement from point B to point A.
Suppose at a certain quantity of output, a firm's average-total-cost curve lies above its demand curve. At this quantity of output, the firm:
a. is earning negative economic profit. b. is earning zero economic profit. c. is maximizing profit. d. should increase its output to maximize profit. e. should reduce output to maximize negative economic profit.
Abstraction can lead to gross distortions of pertinent facts.
Answer the following statement true (T) or false (F)
A demand curve illustrates;
(a) The relationship between the price of a good and the amount of that good that consumers are willing and able to buy. (b) The interaction of equilibrium price and equilibrium quantity. (c) How consumer behaviour changes in response to advertising. (d) The amount of a good that is supplied at every price.