Government goods are delivered "free," which means that they are costless.
Answer the following statement true (T) or false (F)
False
There is an opportunity cost associated with every service the government provides.
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In the figure above, D0 is the demand for labor curve. Imposing a minimum wage of $3 per hour will
A) have no effect on the market. B) result in unemployment. C) result in a labor shortage. D) immediately shift the demand curve to D1.
Because most gas stations are small relative to the market in which they operate and gasoline is fairly homogeneous, the market for gasoline is considered to be perfectly competitive
Indicate whether the statement is true or false
It costs a firm $80 per unit to produce product A and $50 per unit to produce B individually. If the firm can produce both products together at $120 per unit of product A and B, this exhibits signs of
a. Economies of scale b. Economies of Scope c. Diseconomies of Scale d. Diseconomies of Scope
If tofu is a normal good, an increase in income will
a. decrease the price of tofu b. decrease the production of tofu c. shift the demand curve for tofu to the left d. shift the demand curve for tofu to the right e. decrease the quantity demanded of tofu