In order to sell additional units the monopolist must ___________ the price.
Fill in the blank(s) with the appropriate word(s).
lower
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If the marginal external cost of building a children's playground equals zero, then the i. marginal private cost equals the marginal social cost. ii. marginal social cost equals zero. iii. marginal private cost equals zero
A) i only B) ii only C) iii only D) ii and iii E) i and ii
If a country is exporting a good, this is because the country has an absolute advantage in the production of that good
a. True b. False Indicate whether the statement is true or false
The less freedom young mothers have to work outside the home, the
a. more elastic the supply of labor will be. b. less elastic the supply of labor will be. c. more horizontal the labor supply curve will be. d. larger is the decrease in employment that will result from a tax on labor.
The difference between the new classical theory and the new Keynesian theory is the assumption of
A) rational expectations. B) adaptive expectations. C) complete flexibility of wages and prices in the short run. D) a and c E) b and c