If a monopsonist's labor supply curve is positively sloped, the marginal factor cost (MFC) will exceed the wage rate
a. True
b. False
Indicate whether the statement is true or false
True
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. As they groom more dogs, the opportunity cost of grooming additional dogs
A) rises. B) falls. C) remains constant. D) depends on the prices being charged.
The above figure shows the market for anti-freeze. The government imposes the sales tax shown in the figure on sellers. Anti-freeze sellers would pay a larger part of this tax than what is shown in the figure if the
A) demand were more inelastic. B) demand curve were steeper. C) supply were more inelastic. D) supply were more elastic.
Fixed costs are the expenditures that must be made before production can begin
a. True b. False Indicate whether the statement is true or false