The labor demand curve of a purely competitive seller
A. slopes downward because of diminishing marginal utility.
B. slopes downward because the elasticity of demand is always less than unity.
C. is perfectly elastic at the going wage rate.
D. slopes downward because of diminishing marginal productivity.
Answer: D
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A challenge faced by middle-income countries in ___________ the standard of living is a legacy of government economic controls.
a. improving b. decreasing c. maintaining d. controlling
The investment decision is made in the short run.
Answer the following statement true (T) or false (F)
The figure below represents the domestic market for wheat in a small country. Imports of wheat are prohibited.
With an export subsidy of $20 per bushel, the cost to the government of paying the export subsidy is
A. $600 million. B. $2.2 billion. C. $3 billion. D. $1.2 billion.
Which of the following is a characteristic of a monopolistically competitive market?I. There are many sellers.II.Firms sell slightly differentiated products.III.The demand curve facing each individual firm is horizontal.
A. I and II only B. I and III only C. II and III only D. I, II, and III