The relationship between professional basketball players and the owners’ association is an example of a bilateral monopoly.
Answer the following statement true (T) or false (F)
True
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"The percentage change in quantity demanded divided by the percentage change in price" represents
A) the law of demand. B) the law of one price. C) the price elasticity of demand. D) the responsiveness of consumers to a change in quantity demanded. E) none of the above.
Total expenditure in the United States is equal to consumption expenditure plus investment
A) plus government expenditure on goods and services plus imports of goods and services. B) minus government expenditure on goods and services minus imports of goods and services. C) plus government expenditure on goods and services plus exports of goods and services. D) plus government expenditure on goods and services plus exports of goods and services minus imports of goods and services. E) plus government expenditure on goods and services plus exports of goods and services plus imports of goods and services.
Which of the following helps to explain why the supply curve of labor is upward sloping?
A) The substitution effect of a price change makes a good more expensive relative to other goods. B) The supply curve of labor is a derived supply curve; since the output supply curve is upward-sloping so is the labor supply curve. C) As the wage rate rises, the income effect causes the quantity of labor supplied to increase. D) As the wage rate rises, the opportunity cost of leisure rises.
A rise in the wage rate would cause
A. an increase in the MRP schedule of labor. B. a decrease in the MRP schedule of labor. C. no change in the MRP schedule of labor.