To the degree that the IBEW conducts costly training and apprentice requirements for prospective electricians, it is
A. shifting the supply of electricians to the right.
B. shifting the supply of electricians to the left.
C. shifting the demand for electricians to the left.
D. kinking the supply of electricians to make it vertical at the level of the constraint.
Answer: B
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A monopolistically competitive firm's marginal revenue curve
A. is downward-sloping and coincides with the demand curve. B. does not exist because the firm is a "price maker." C. is downward-sloping and lies below the demand curve. D. coincides with the demand curve and is parallel to the horizontal axis.
Downward sloping long-run supply curves occur in markets
A) with learning-by-doing. B) with increasing returns to scale. C) with constant returns to scale. D) Either A or B
The difference between GNP and NNP is accounted for by:
(a) Depreciation; (b) Net factor income from abroad; (c) Indirect Taxes/subsidies; (d) Transfer Payments.
Ramon buys a guitar string for his guitar, which he plays during his leisure time. This is an example of ______.
a. investment b. consumption c. depreciation d. inventory