Each point on the demand curve indicates
a. the demand for the product.
b. the quantity demanded at that price.
c. the amount that people need.
d. the amount people want to buy at different income levels.
B
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How does an increase in competition in an industry usually affect productivity?
What will be an ideal response?
The figure above shows a tax imposed on a good with an external cost. The area of the rectangle abcd equals
A) the MSB. B) the total tax revenue collected by the government. C) the amount of pollution tax per ton. D) the MC. E) the deadweight loss.
In the absence of discrimination, as human capital investments increase, wages will generally
A) decrease. B) increase. C) not change. D) increase or decrease.
An upward-sloping labor-supply curve implies that an increase in the wage induces
a. firms to increase the quantity of labor they hire. b. firms to increase the quantity of output they produce. c. workers to decrease the quantity of leisure they enjoy. d. All of the above are correct.