Which of the following examples would most likely provide buyers with more of a differentiated product because of excess capacity?
a. a barley farm
b. a book store
c. a steel manufacturer
d. a shrimp fishery
b. a book store
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Making a decision at the margin is __________ an all-or-nothing decision
A) consistent with B) inconsistent with C) the same as making D) conditioned upon making
In general, when the quantities of a complementary resource are increased, the productivity of the other resources
A. rise. B. fall. C. remain the same.
If the government provides a subsidy of $1 per hour to employers for hiring workers, ________
A) the equilibrium real wage will increase B) labor demand will decrease C) the equilibrium employment will decrease D) labor supply will increase
In the above figure, the Lorenz curve for income is shown. If the data used are from the United States, and the U.S. Lorenz curve for wealth was added to the diagram, it would be
A) further from the line of equality than the Lorenz curve for income. B) closer to the line of equality than the Lorenz curve for income. C) above the line of equality. D) the same as the Lorenz curve for income.