Consider a labor market in equilibrium. If both demand curve and supply curve of labor shift to the right, then the wage rate in the market will:
A. increase.
B. decrease.
C. remain unchanged.
D. either increase or decrease or remain unchanged.
Answer: D
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Two firms with differently sized production facilities can make a more successful cartel than two firms with similarly sized production facilities
a. True b. False Indicate whether the statement is true or false
Which of the three political philosophies discussed in the textbook, if any, think the government should not take from some individuals and give to others to achieve any particular distribution of income?
Refer to the inequality below. The marginal utility per dollar spent on good X is less than the marginal utility per dollar spent on good Y. According to the rule of equal marginal utility per dollar spent, what can a consumer do to increase total utility from consumption of goods X and Y?
A market structure in which many firms are selling an identical product is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.