The individual firm that hires labor under competitive conditions faces a labor supply curve that
A. slopes upward to the right.
B. slopes downward to the right.
C. is vertical, because workers need a job at any wage.
D. is horizontal, because individual firms have no control over wages.
Answer: D
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Which statement best describes the effect(s) that occur when a monopoly firm reduces the price of its product?
a. The "price effect" causes total revenue to fall. b. The "output effect" causes total revenue to rise. c. The "revenue effect" causes total revenue to remain constant. d. Both a and b are correct.
The total amount of income earned by U.S. resource suppliers in a year, plus taxes on production and imports, is measured by:
a) gross domestic product. b) national income. c) personal income. d) disposable income.
With a progressive tax system, as the level of income increases in an economy, the average tax rate will:
A. remain the same. B. increase. C. decrease. D. decrease, increase, or remain the same.
Income increases cause no change in a household's choice set.
Answer the following statement true (T) or false (F)