Most economists believe the short-term labor supply curve is ______.
a. elastic compared to demand
b. inelastic compared to demand
c. highly responsive to taxes
d. highly responsive to wages
b. inelastic compared to demand
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In making accurate comparisons of GDP across countries, it is important to take differences in ________ into account
A) population size B) family size C) the average age of the population D) all of the above
The above figure illustrates a perfectly competitive firm. Curve B represents the
A) MR curve. B) ATC curve. C) MC curve. D) AVC curve. E) AFC curve.
Suppose all firms in a competitive market are currently in both short-run and long-run equilibrium. What impact will a lump sum tax have on each firm in the short run? in the long run?
What will be an ideal response?
As a monopolist increases the quantity of output produced, what happens to price (P) and marginal revenue (MR)?
a. both P and MR remain constant b. P is constant, but MR decreases c. P decreases, but MR is constant d. both P and MR decrease, but P falls faster than MR e. both P and MR decrease, but MR falls faster than P