If the labor supply curve faced by a firm shifts to the right, the marginal factor cost curve of labor must be
A. rising and above the supply curve.
B. horizontal.
C. equal to the supply curve.
D. rising and below the supply curve.
Answer: A
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A society must make three sorts of decision: what goods to produce, how to produce them, and how to distribute them.
Answer the following statement true (T) or false (F)
Welfare recipients might not want the government to actively pursue economic growth because
a. they benefit from a program that may be cut in a process of pursuing economic growth b. they believe that the methods of pursuing growth are not effective c. they do not understand the benefits of economic growth d. they will benefit most when the country does not experience economic growth e. the economic growth will not affect their position in society
In the 1980s, a new category called ________ was added to M1.
A. traveler's checks B. demand deposits C. other checkable deposits D. money market mutual fund deposits
Refer to the graph shown. Assume that the market is initially in equilibrium at a price of $10 and a quantity of 500 units. If the government imposes a $4 per-unit tax on this product, the deadweight loss from the tax will be:
A. 1,600. B. 400. C. 1,800. D. 200.