The law of supply implies that the supply curve is
A) flat.
B) upward sloping.
C) downward sloping.
D) vertical.
Answer: B
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Maria can work as a coal miner, where the probability of being killed in a work-related accident is 5/8,000, or she can earn work as a truck driver, where the probability of being killed in a work-related accident is 2/8,000
Using the compensating differential approach, the value of Maria's life is $4 million. How much more per year will working as a coal miner pay than working as a truck driver? A) $1,500 B) $2,000 C) $2,500 D) $3,500
An inelastic supply schedule means that _____
a. suppliers are unwilling to substitute away from producing the good b. demanders are unwilling to substitute away from consuming the good c. demanders are unwilling to substitute towards consuming the good d. suppliers are unwilling to shift any portion of an imposed tax onto demanders
Assume that the government can reduce car pollution using either a corrective tax or a regulatory scheme, both of which will achieve the same results in the short-run
In the long run, however, the regulatory scheme will be more efficient because it provides incentives to avoid the regulation altogether. a. True b. False
If a nondiscriminating monopolist is operating at an output level where price equals average total cost, we can conclude that
a. economic profit is $0 b. the firm is not maximizing profit c. the firm should go out of business in the long run d. the firm is not earning its normal profit e. the firm should shut down in the short run