Refer to Scenario 14.4. Suppose that a tax is imposed on each unit of the product that John produces. Which curve will shift?
A) Marginal product of labor
B) Marginal revenue product of labor
C) The supply of labor
D) All of the above will shift due to the tax on output.
B
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Price elasticity of demand is a numerical measure of how much quantity demanded rises as price falls or quantity demanded falls as price rises.
Answer the following statement true (T) or false (F)
An increase in immigration will lower the equilibrium wage, all else held constant
a. True b. False Indicate whether the statement is true or false
Which economist won the Nobel Prize for using experiments to test the model of supply and demand?
A. Vernon Smith B. Adam Smith C. Alfred Marshall D. Steven Levitt
In an oligopoly, producers' agreements to restrict output tend to be unstable because each firm has an incentive to
A. raise its price above the cooperative price. B. establish competitive price and output levels. C. produce more than its output quota. D. lower both its price and its output.