A firm deciding how many hours to hire can be represented:
A. with an individual labor-supply curve.
B. in the market labor-supply curve.
C. with an individual labor-demand curve.
D. in the market labor-demand curve.
C. with an individual labor-demand curve.
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Use the following graph to answer the next question.
Which change would be consistent with an attempt by the Federal Reserve to reduce inflation?
A. shifting Sf3 to Sf1 B. shifting Sf4 to Sf3 C. shifting Sf1 to Sf2 D. shifting Sf4 to Sf2
The first year of his catering business, Zander was busy both days every weekend working special events. The second year, he raised his rates and was able to take one Sunday off a month. Which of the following describes his labor supply curve?
a. U-shaped b. upward sloping c. downward sloping d. backward bending
Public Broadcasting, in its fund drives, often appeals to viewers by saying, "without you, there will be no Big Bird." This is likely to ________ the free-rider problem and lead to a ________ level of contribution to the public good.
A. increase; smaller B. increase; larger C. reduce; smaller D. reduce; larger
The minimum efficient scale is:
A. the quantity after which it makes no sense for a firm to produce. B. the minimum quantity where a firm would be able to produce profitably. C. the output level beyond which the firm will not experience scale economies. D. the output level beyond which the firm will experience scale economies.