Recall the Application about the salaries paid in Major League Baseball to answer the following question(s). Some Major League Baseball players are free agents, meaning they are free to negotiate a contract with any team. Other players are journeymen and apprentices, who are restricted to a single team.Recall the Application. Which of the following, on the average, are paid the least relative to their MRPs?
A. rookies
B. arbitration-eligible players
C. free-agents
D. they all are paid the same relative to their MRPs
Answer: A
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"Other things remaining the same, if the price of a good rises, the quantity supplied of that good increases." This sentence describes a
A) shift of a supply curve. B) shift of the price curve. C) movement along a supply curve. D) movement along the price curve. E) movement along the quantity curve.
If another worker is hired with a marginal product greater than the previously hired worker, which of the following will be true?
A) Total costs will decrease. B) Fixed costs will decrease. C) Marginal cost will increase. D) Marginal cost will decrease. E) Average fixed costs will increase.
Under what circumstances might a government price ceiling lead to the development of a black market?
What will be an ideal response?
The business cycle is the
a. relationship between unemployment and inflation. b. irregular fluctuations in economic activity. c. positive relationship between the quantity of money in an economy and inflation. d. predictable changes in economic activity due to changes in government spending and taxes.