An increase in labor supply will increase the equilibrium wage rate
a. True
b. False
B
You might also like to view...
Discuss how a politicians "policy differentiation" from his opponent in an election softens the competition over how much in political rents the politician will be able to collect.
What will be an ideal response?
Common property ownership most likely leads to
A) an efficient allocation of resources. B) production at a rate at which price is less than social cost. C) a decrease of externalities. D) an increase in pollution.
If a pair-wise majority vote was held to determine which school project gets funded, the voters' preferences are shown in the table, and the gym and library are voted on first, which project will win in the end?
A. Library
B. Computer lab
C. Gym
D. It is impossible to predict which project would win.
Monopolistic competition and perfect competition are different in that monopolistically competitive firms: a. cannot earn profits in the short run
b. face firm demand curves that are less elastic than perfectly competitive firms. c. face substantial barriers to entry. d. earn economic profits in the long run.