Owning a patent can provide a firm with monopolistic power
a. True
b. False
Indicate whether the statement is true or false
True
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What is a minimum wage? What are the effects of a minimum wage set below the equilibrium wage rate?
What will be an ideal response?
The steeper an isoquant is
A) the greater is the marginal product of labor relative to that of the marginal product of capital. B) the greater is the substitutability between capital and labor. C) the greater is the need to keep capital and labor in fixed proportions. D) the greater is the level of output.
Refer to the following figure. When price is $5 and quantity demanded is 3,000, what is the point elasticity of demand?
A. -1 B. -3 C. -1/3 D. -2/3 E. -5
A shift in the long-run aggregate supply curve will change:
A. neither output nor the price level. B. both output and the price level. C. the price level but not output. D. output but not the price level.