The market supply curve for labor is upsloping because:
A. of diminishing returns.
B. employers as a group must pay higher wage rates to obtain more workers.
C. of declining MRC.
D. each employer is a "wage taker."
Answer: B
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Gross domestic product is a measure of
A. the size of the largest industry in an economy. B. the money value of all final goods and services produced in a year by the economy. C. the volume of goods and services, which involved in international trade. D. the goods and services produced strictly by corporations. E. the nonmarket production of goods and services.
If X transferable emissions permits are issued and there are n potential polluters,
A) the government must initially assign each of the potential polluters X/n permits. B) the government must assign X/n permits to each potential polluter and check periodically that those permits have not moved. C) emissions will be the same whether or not the permits are split equally, so long as none of the permits are issued outside the group. D) emissions will be the same no matter who receives them first, so long as the recipient is willing and able to participate in the permit market. E) emissions will be less if the permits are given initially to firms with lower abatement costs.
Which of the following most closely approximates the conditions of a monopolistically competitive market?
a. The market for Grade A eggs, which is characterized by a large number of firms producing a homogeneous product. b. The restaurant industry, which is characterized by firms producing a differentiated product in a market with low entry barriers. c. Local cable television service, where a licensed supplier competes with firms offering satellite service. d. The market for jumbo aircraft, where one major domestic firm competes with one major foreign firm.
Monopolies may be the only firms large enough to commercially produce a significantly innovative new product
a. True b. False Indicate whether the statement is true or false