Suppose domestic beef producers face demand of QD = 1000 - 5P. In the very short run 500 head of beef are produced. Suppose mad cow strikes a portion of the national herd and the amount brought to market falls to 400 . The price per head will rise by
a. 10
b. 30
c. 30
d. 50
b
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In the United States the assignment of tasks and distribution of benefits
A) is determined by business firms. B) is determined democratically. C) is negotiated among potential buyers and potential sellers. D) leaves all parties free to do as they prefer. E) rests upon the principle of consumer sovereignty.
The Bureau of Labor Statistics would categorize a retiree who is not working as
A) unemployed. B) a discouraged worker. C) out of the labor force. D) employed.
At any price below the equilibrium price, the: a. demand is greater than supply
b. supply is greater than demand. c. quantity demanded is greater than quantity supplied. d. quantity supplied is greater than quantity demanded.
The monopsonistic employer hires more workers until marginal
a. physical product is zero b. revenue product equals marginal labor cost c. revenue product equals the wage d. physical product equals the wage e. physical product equals marginal labor cost