If land and labor are complementary resources and the price of capital goes up, the employment of labor _________.
Fill in the blank(s) with the appropriate word(s).
declines
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According to the Coase theorem, which of the following are necessary for the efficient levels of pollution to be achieved? I. Property rights are defined. II. Transactions costs are low
A) I only B) II only C) both I and II D) neither I nor II
The average total cost curves for plants A, B, C, and D are shown in the above figure. It is possible that the long-run average cost curve runs through points
A) a, b, and c. B) b, d, and e. C) d, e, and f. D) c and d.
If the market demand decreases for a good sold in a perfectly competitive market, firms in the market:
A. will be able to charge a higher price for their product. B. will receive a lower price for their product. C. will not be able to change their price. D. will not be affected by the change in demand.
Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units. What is the value of producer surplus?
A) $600 thousand B) $300 thousand C) $150 thousand D) $30 thousand