When the supply of workers is plentiful, one would predict that market wages would be
a. determined solely by factors that affect supply.
b. determined solely by factors that affect demand.
c. low, other things equal.
d. high, other things equal.
C
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Shoe-leather costs of inflation arise from the
A) increasing costs of apparel (clothes and shoes) as inflation rises. B) decline in the use of money as a unit of account. C) increase of velocity as inflation rises. D) confusion that results from higher inflation. E) increasing costs of agricultural products as inflation rises.
Refer to the above payoff matrix for the profits (in $ millions) of two firms (X and Y) making a decision to advertise or not. Which of the following is the outcome of the dominant strategy without cooperation?
A. Firm X chooses not to advertise while firm Y chooses to advertise. B. There is no dominant strategy in this scenario. C. Both firm X and firm Y choose not to advertise. D. Firm X chooses to advertise while firm Y chooses not to advertise.
Christy's Haircuts, the sole supplier of haircuts in a small town, faces the demand schedule shown in the table above. What is Christy's marginal revenue from the 35th haircut?
A) zero B) -$5.00 C) $5.00 D) $12.50
Water has a ________ marginal utility and brings a ________ consumer surplus; diamonds have a ________ marginal utility and bring a ________ consumer surplus
A) small; small; large; large B) large; large; small; small C) small; large; large; small D) large; small; small; large