There are a number of reasons why labor supply curves will shift in a particular industry. Which one of the following is NOT one of them?
A. There is a change in the market wage rate.
B. Taxes on labor affect the labor supply curve.
C. job flexibility that determines the position of the labor supply curve
D. Changes in working conditions in an industry affect the labor supply curve.
Answer: A
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A single-price monopoly has a marginal revenue curve that is
A) horizontal and equal to price. B) downward sloping and lies below the demand curve. C) upward sloping and is the same as its supply curve. D) downward sloping and lies above the demand curve. E) vertical at the profit-maximizing quantity.
Overexpansion can cause a perfectly competitive firm to ________.
A) produce at a quantity where the market price exceeds the firm's average total cost B) produce at a quantity where the marginal revenue exceeds the firm's average total cost C) earn economic profit D) produce at a quantity where the average total cost exceeds the firm's marginal revenue
The purpose of an effluent fee is to
A) reduce the amount produced of a good and to raise the market price. B) correct for pollution while keeping the price of the good the same as before the correction. C) reward people producing externalities. D) encourage producers to keep the quantity produced the same while lowering the price.
The inner loop of the circular-flow diagram represents the flows of inputs and outputs. Which of the following does not appear on the inner loop?
a. wages b. land c. capital d. goods and services sold