Ceteris paribus when graphing a relationship refers to
A) letting all the variables change at once.
B) changing the origin of the graph.
C) holding constant all but two variables.
D) rescaling the coordinates.
C
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The tables above show the marginal costs and benefits from production of paper. If the market is perfectly competitive and unregulated, the efficient level of output
A) is achieved. B) can be achieved by giving paper producers a subsidy. C) can be achieved by imposing a Pigovian tax on paper producers. D) cannot be achieved.
If the MRP is less than the wage, the firm should hire more labor
a. True b. False Indicate whether the statement is true or false
Which of the following groups would most likely benefit from a law that is extremely tough on those who drink and drive?
a. truck drivers b. taxi drivers c. bartenders d. doctors and nurses
One of the reasons why higher prices affect the quantity of real output demanded is
a) at higher prices, business people become richer, so demand rises b) at higher prices, real household wealth is reduced, so the quantity of output demanded falls c) when prices are high, consumers fear that a recession is approaching d) when pricing are rising, the central bank tends to reduce interest rates, thereby reducing demand e) at higher prices, time becomes more valuable, so people buy now instead of later