The labor supply curve reflects how
a. workers' decisions about the labor-leisure tradeoff respond to a change in the wage.
b. workers' decisions about the opportunity cost of labor respond to a change in the quantity of labor supplied.
c. firms' decisions about the labor-leisure tradeoff respond to the quantity of labor demanded.
d. firms' decisions about how the quantity of labor they hire respond to changes in their opportunities to earn profits.
A
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Most economists believe that the CPI overstates the actual changes in prices while the chain index for GDP understates them
Indicate whether the statement is true or false
In the long run, a firm will exit a competitive industry if
a. total revenue exceeds total cost. b. the price exceeds average total cost. c. average total cost exceeds the price. d. Both a and b are correct.
A shift in the demand curve for a monopolist can cause
a. both price and quantity to change. b. price to stay constant while the quantity changes. c. quantity to stay constant while the price changes d. All of the above are correct.
Producers of close substitutes have little or no incentive to merge.
Answer the following statement true (T) or false (F)