If firms believe that business is expanding, then at any given wage they will desire to hire a _________ quantity of labor, and the labor demand curve shifts to the _____.
a. greater; left
b. greater; right
c. lower; left
d. lower; right
b. greater; right
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Many of India's most talented people move to countries where doing business is easier than in India
Talented people leaving their own countries for countries where doing business is easier or where their job skills are in greater demand is known as A) fight-or-flight. B) export exodus. C) brain drain. D) in-migration.
Which of the following markets is closest to a monopoly?
A) a firm with a 90% market share B) the only gas station for 100 miles C) cable television D) garbage disposal
A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P = 50 ? Q. Suppose fixed costs rise to $400. What happens in the market?
A. The firm will reduce its output and raise price. B. The firm continues to produce the same output and charge the same price. C. The firm will raise the price. D. The firm will shut down immediately.
A quintile, sometimes used to measure wealth inequality, represents one-fourth of households.
Answer the following statement true (T) or false (F)