A person who prefers a certain payoff over an uncertain one with the same expected value is risk-averse.
Answer the following statement true (T) or false (F)
True
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If a union is able to decrease the supply of workers in a competitive labor market but the union cannot affect the demand for its members' labor, then
A) wages and the quantity of labor hired will both increase. B) wages will increase but the quantity of labor hired will decrease. C) wages will decrease but the quantity of labor hired will increase. D) wages and the quantity of labor hired will both decrease.
Generally speaking, the more competitive a country's markets are, the greater are the opportunities for corruption
a. True b. False Indicate whether the statement is true or false
A firm that is a "pure monopoly" is
a. a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run. b. the only seller of a good for which there are no good substitutes in a market with high barriers to entry. c. the only buyer of a unique raw material. d. the producer of a product subsidized by the government.
The short-run aggregate supply curve slopes
a. downward because firms can sell more, and hence, will produce more when prices are lower b. downward because firms find it costs less to purchase labor and other inputs when price are lower, and hence they produce more c. upwards because when the price level rises, output prices rise relative to input prices (costs), raising profit margins and increasing production and sales d. upward because firms find it cots more to purchase labor and other inputs when prices are higher, and hence they must produce and sell more in order to make a profit