The horizontal dotted line is
A. a price ceiling.
B. a price floor.
C. can be either a price ceiling or a price floor.
D. is neither a price ceiling nor a price floor.
A. a price ceiling.
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If the opportunity costs of production for two goods is different between two countries, then
A) only one country can be made better off by trade. B) trade will only benefit both countries if one can lower its opportunity costs. C) trade cannot benefit either country. D) mutually beneficial trade is possible.
The labor force participation rate:
A. is measured by the labor force divided by the total population. B. tells us what fraction of the working-age population wants to be working. C. typically rises during periods of recession. D. is measured by those employed divided by the working-age population.
As output rises, the MRP of an imperfect competitor will _____ that of a perfect competitor.
A. rise faster than B. fall faster than C. rise at the same rate as D. fall at the same rate as
The individual demand curve for an input such as labor to a firm would be the downward sloping portion of the firm's
A) marginal physical product curve. B) marginal revenue product curve. C) marginal revenue curve. D) total revenue curve.