Which of the following is an example of nonmarket work?
a. working as a secretary for an oil and gas corporation
b. growing your own vegetable garden
c. going to school to learn Spanish
d. both B and C are examples of nonmarket work
d
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If a horizontal merger lowers the cost of production and increases the total surplus in the market, which of the following is also likely to have occurred?
A) The producer surplus decreased. B) The consumer surplus increased. C) The consumer surplus decreased. D) The producer surplus did not change.
The wage rate found by the intersection of the market demand and supply curves for labor then determines the
A) firm's demand curve for labor. B) firm's supply curve for labor. C) labor's supply curve of labor. D) labor's demand curve for jobs.
If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of
a. both products to the right. b. both products to the left. c. grapefruit to the right. d. oranges to the left.
The demand curve for a Giffin good
A. is a straight line. B. slopes upward. C. is convex. D. slopes downward.