For a monopsonist
a. wage rate > TLC
b. wage rate > MLC
c. wage rate = MLC
d. wage rate = MRP
e. wage rate < MLC
E
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A supply curve generally
a. is a straight horizontal line. b. is a straight vertical line. c. slopes downward to the right. d. slopes upward to the right.
In the view of the Classical economists, a increase in aggregate demand leads to
A) lower output levels. B) a higher price level. C) higher output levels. D) a lower price level.
Which of the following is always TRUE in the short run for a perfectly competitive firm that is maximizing economic profits?
A) P = d = MR = MC = AVC B) P = d = MR = MC C) P = d = MR = Q D) MR = MC = Q
Demand for clothing tends to be
a. elastic because there are few substitutes for clothing b. inelastic because there are few substitutes for clothing c. elastic because expenditures for clothing represent a large part of the consumer's budget d. inelastic because expenditures for clothing represent a large part of the consumer's budget e. elastic because it is a broadly defined good