Goods are allocated in a market system by price rationing.
Answer the following statement true (T) or false (F)
True
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Which of the following ways to recruit soldiers utilizes incentives?
A) a draft B) universal service C) higher salaries D) longer lengths of service
Answer the following statements true (T) or false (F)
1. In imperfect product competition, the output price is fixed to the firm. 2. The demand curve for labor is more inelastic under competitive conditions than under imperfect competition. 3. The backward-bending portion of the labor supply curve shows the income effect dominating the substitution effect. 4. Unions cause a lowering of wages in the unionized labor market. 5. Unions cause the wages to be lower in the non unionized labor market. 6. Increased licensing requirements reduce the supply of labor. 7. Unemployment rates in Japan are the highest compared to other developed countries.
When a new airline opens service between two major cities, the supply of airline seats ____ and the supply curve of airline seats shifts ____. Question 22 options:
A. increases; leftward B. decreases; leftward C. increases; rightward D. decreases; rightward E. increases; does not change
Since a large and a small wind turbine have the same installation, operating, and maintenance costs, but a large turbine has four times the generating capacity but costs less than three times as much as a small turbine, the wind power industry faces decreasing returns to scale.
Answer the following statement true (T) or false (F)