Once a firm’s marginal revenue curve is known, the output level can be determined.
Answer the following statement true (T) or false (F)
False
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The graph shows the labor market for fast-food workers in Sioux City. If the government sets a minimum wage of $7 an hour, then the labor market is ________, and marginal benefit ________ marginal cost
A) inefficient; is less than B) inefficient; equals C) efficient; equals D) inefficient; is greater than E) inefficient; cannot be compared to
In the circular flow diagram, ________ supply the factors of production, and ________ goods and services
A) firms; sell B) households; buy C) firms; buy D) households; sell
If there is a decrease in demand for lettuce, we would expect:
A. both the price and quantity sold to increase. B. both the price and quantity sold to decrease. C. the price to decrease and the quantity sold to increase. D. the price to increase and the quantity sold to decrease.
Highway and home construction had a boom from
A. 1925-1940. B. 1935-1950. C. 1945-1960. D. 1965-1980.