If the wage rate is $5 per hour, regardless of how many laborers are employed, the
a. total labor cost curve is horizontal
b. total labor cost curve is upward sloping
c. MPP must be constant
d. total labor cost curve will increase at an increasing rate
e. total labor cost curve will increase at a decreasing rate
B
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In economics, cost is measured as ________, and benefit is measured as ________
A) what you are willing to pay on the margin; what the government pays you when you are unemployed or retired B) the amount of money that you pay on the margin; the amount of money that you receive on the margin C) what you must give up to get something; what you are willing to give up to get it D) the amount of money that you pay for something; the amount of money that someone else is willing to pay you E) what you are willing to give up to get it; what you must give up to get something
According to the quantity theory of money
A) a change in the money supply can lead only to a proportionate change in the price level. B) the velocity of money is the least stable factor in monetary analysis. C) the rate of inflation is not related to changes in the money supply. D) price level changes can best be explained by Keynesian analysis.
The law of diminishing marginal utility explains why
a. most individual demand curves are straight lines. b. the consumer's optimal purchase is at the tangency of an indifference curve and the budget line. c. most individual demand curves slope downward. d. marginal utility falls when total utility falls.
The figure below shows a single consumer's demand for ice cream at the student union. 
An increase in the number of students on this campus would cause:
A. the market demand curve for ice cream from the student union to shift to the right. B. the demand curve shown above to shift to the right. C. the demand curve shown above to shift to the left. D. no change in the market demand curve for ice cream from the student union.