The slope of a line is defined as the
a. change in the value of the variable on the vertical axis divided by the change in the value of the variable on the horizontal axis
b. value of the variable on the horizontal axis divided by the value of the intercept on the vertical axis
c. change in the value of the variable on the horizontal axis divided by the increase in the value of the variable on the vertical axis
d. value of the variable on the vertical axis divided by the value of the variable on the horizontal axis
e. change in the value of the variable on the vertical axis times the increase in the value of the variable on the horizontal axis
A
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In a labor market diagram, the point at which the labor supply curve crosses the labor demand curve is
a. the point at which all workers are employed at the salary at which they would prefer to be employed b. the point at which all jobs are filled at the wage employers prefer to pay c. the point at which everyone who wants to work is able to find a job d. a point at which we have excess labor supply, causing unemployment e. the point at which excess demand for labor drives the wage rate upward
Individuals live and work in both individual and aggregate economic entities
a. True b. False Indicate whether the statement is true or false
Refer to the graph shown.
The Lorenz curve showing the most income equality is:
A. A. B. B. C. C. D. D.
If marginal cost becomes higher than price, what happens to a company?
(A) The company will lose money on each additional unit produced. (B) Diminishing marginal returns will shrink production. (C) Company specialization will lower the actual price charged. (D) The company will go out of business.