The marginal-cost curve intersects the average-fixed-cost curve at the minimum of marginal cost
a. True
b. False
Indicate whether the statement is true or false
False
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The Federal Reserve System acts as the government's fiscal agent by
A) auditing taxpayers. B) providing checking account services for the government. C) preparing the budget the President presents to Congress every year. D) determining how to finance a deficit.
If the imposition of a binding minimum wage results in much higher unemployment among workers seeking minimum wage jobs,
a. firms will respond by demanding more labor. b. those workers who are employed will be worse off than before the minimum wage law. c. labor demand is relatively elastic. d. labor demand is relatively inelastic.
The Supreme Court has defined the offense of monopolization to
A. be when only one firm exists in an industry. B. be unfair acts in the practice of commerce. C. include the possession of monopoly power and the willful maintenance of that power. D. occur when asymmetric information exists.
A beneficial oil-price shock increases labor demand. What happens to current employment and the real wage rate?
A. Both employment and the real wage rate would increase. B. Both employment and the real wage rate would decrease. C. Employment would increase and the real wage would decrease. D. Employment would decrease and the real wage would increase.