The decrease in the incentive to work created by welfare payments programs
A) only affects low income taxpayers.
B) only affects taxpayers but not welfare recipients.
C) only affects high income executives.
D) affects both taxpayers and welfare recipients.
D
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Answer the following statement(s) true (T) or false (F)
1. An industry's demand curve tends to be more elastic than the sum of the individual firms' labor curves. 2. A monopsonist's short-run demand curve for labor coincides with its marginal revenue product of labor curve. 3. A monopsonist will continue to hire additional laborers as long as their marginal revenue product exceeds the wage rate. 4. A monopsonist hires fewer workers and pays a lower wage than would be the case if many firms competed to hire labor. 5. The profit an owner receives is equivalent to the rent received for her entrepreneurial services.
Use the figure below to answer the following question.
The diagram shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S3?
A. a decrease in the price of wheat B. an increase in the cost of maintaining the equipment used in wheat farming C. an increase in the number of acres of farmland allocated to wheat D. a decrease in the cost of maintaining the equipment used in wheat farming
Why is it inefficient to be overinformed?
What will be an ideal response?
Which of the following is not held constant in a demand schedule?
a. income b. tastes c. price d. expectations