If long-run costs are plotted on the vertical axis and the quantity of output is plotted on the horizontal axis, a line that is perfectly horizontal implies:
a. constant returns to scale.
b. economies of scale.
c. diseconomies of scale.
d. inefficient use of capital.
e. inefficient use of labor.
a
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The Trade Adjustment Assistance program is intended to help
a. businesses that seek to expand exports into protected foreign markets. b. local governments that are harmed when businesses fail as imports increase. c. protected industries obtain improved technology in order to increase productivity. d. workers and businesses that lose markets because of increases in imports.
Which of the following would shift a market labor supply curve to the left?
a. an increase in the wage paid to workers in a competing market b. labor-saving technology c. a change in worker tastes so that workers want to retire later d. an increase in immigration
The MRP schedule of the imperfect competitor declines _____ than that of the perfect competitor.
Fill in the blank(s) with the appropriate word(s).
Households
A) have no involvement in the circular flow in a market economy. B) purchase resources in the factor market. C) sell goods in the product market. D) sell resources in the factor market.