A straight—line production possibilities curve has
A) an increasing opportunity cost between the two goods.
B) a decreasing opportunity cost between the two goods.
C) a constant opportunity cost between the two goods.
D) no opportunity cost between the two goods.
A) an increasing opportunity cost between the two goods.
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The elasticity of demand for labor will be less the
A) longer the time period. B) easier it is to substitute one input for another. C) less the demand elasticity for the final product. D) larger the share of total costs accounted for by labor.
Which of the following is a reason why government is a participant in a market-oriented economy?
a. to enforce contracts and protect private property b. to promote collusion c. to promote the growth of natural monopolies d. to provide more inequality in the distribution of income e. all of the above
Marginal revenue product is defined as
a. the total revenue generated by inputs b. the additional output produced by one additional unit of a resource, other things constant c. the marginal revenue from each unit of output d. the total revenue divided by the number of resources employed e. the additional revenue generated by one additional unit of a resource, other things constant
The questions below are based on the table below. Fill in the blank spaces first. 
The Supply of Labor is W = 10 + 3QLHow many laborers will be hired if the product and labor markets are both imperfect?
What will be an ideal response?