Refer to Figure 17-9. A supply shock, such as rising oil prices, would be depicted as a movement from
A) C to B to A. B) C to D to A. C) A to B to C. D) A to D to C. E) C to E to B.
D
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In the one-input model, a convex producer choice set implies an upward sloping marginal cost curve.
Answer the following statement true (T) or false (F)
City-Mart is the only employer of sales clerks in Panburg. In the figure above S is the labor supply curve faced by City-Mart, VMP is City-Mart's value of marginal product curve, and MCL is its marginal cost of labor curve
The lowest wage rate at which City-Mart can hire 40 hours of labor per day is A) $8 per hour. B) $12 per hour. C) $4 per hour. D) $9 per hour.
A firm's primary interest when it hires an additional worker is
A) whether or not the new worker gets along with the firm's existing workers. B) the cost of hiring the additional worker. C) how the average output of the firm will be affected by this new worker. D) the extra revenue the firm realizes from hiring that worker.
If households save $0.20 of each additional dollar of increased income and spend the rest, the expenditure multiplier will be
A) 1.25. B) 2. C) 5. D) 8.