For a monopsonistic hirer of labor, the gap between labor's marginal revenue product and its wage rate will be greater:
a. the more elastic the supply curve for labor.
b. the more inelastic the supply curve for labor.
c. the more elastic the firm's demand for labor.
d. the more inelastic the firm's demand for labor.
b
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Which of the following statements cannot be made regarding consumer preferences?
a. Pat enjoys her second cotton candy less than her first. b. Bill enjoys his second cotton candy as much as the first. c. Arnie enjoys two cotton candies more than one cotton candy. d. Arnie enjoys two cotton candies more than Pat enjoys one cotton candy. e. Bill and Arnie enjoy their second cotton candy less than they do their first.
Economies of scale and specialization are characteristics of
A. comparative and absolute advantage B. factors of production C. economics of scale D. call centers in India
Homer has been saving to buy a new car in five years and expects that the car of his dreams will cost $35,000
If the interest rate is 8 percent per year, how much money should Homer have in his bank account today in order to have enough money to buy the car in 5 years? A) $1,852.28 B) $22,055.94 C) $23,820.41 D) $25,726.04
According to the quantity theory of money demand
A) an increase in interest rates will cause the demand for money to fall. B) a decrease in interest rates will cause the demand for money to increase. C) interest rates have no effect on the demand for money. D) an increase in money will cause the demand for money to fall.