Which of the following will most likely cause movement along the consumption function?
a. a change in disposable income
b. a change in interest rates
c. a change in tastes
d. a change in consumers' expectations
a
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An effective minimum wage tends to
A) increase the supply of unskilled labor. B) decrease the demand for unskilled labor. C) create a surplus of unskilled labor. D) accomplish all of the above. E) accomplish none of the above.
Why is the profitability of firms under perfect competition different when they have non-identical cost structures in comparison to identical cost structures?
What will be an ideal response?
In the last 20 years, all of the following measures of the manufacturing sector have declined except:
a. total employment in manufacturing. b. manufacturing employment as a share of the labor force. c. manufacturing output as a share of GNP. d. total manufacturing output.
In the short run, a firm that finds itself earning a loss should compare the market price to which cost in order to determine how to minimize its losses?
A. Average total costs B. Average variable costs C. Marginal costs D. Fixed costs