Suppose attendance is required for a passing grade at Ultimatum University, and the professor repeatedly reminds students of the need to attend every day to survive the class. Nevertheless, we observe many students choosing to stop attending
The students who stop attending include some who even enjoy the class. Using the economic way of thinking, the choice to stop attending generally occurs because A) the students secretly despise the professor.
B) the professor secretly despises the students.
C) the students value other goods in addition to passing the class.
D) the students feel the university has no right to impose such restrictions on their personal freedom.
C
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U.S. manufacturers formed trusts in the late 1880s because
a. booms in the economy made trusts highly profitable and allowed them to expand b. economies of scale allowed larger firms to prosper c. the rapid growth of the railroads allowed firms to reach a wider market d. technological breakthroughs increased capital use and optimal firm size e. they wanted to avoid price wars during depressions
A minimum wage law might increase wages without reducing employment if the hiring firm is
a. in perfect competition. b. a monopolist. c. a monopolistic competitor. d. a monopsonist.
Individual supply curves are summed vertically to obtain the market supply curve
a. True b. False Indicate whether the statement is true or false
Consider a labor market in equilibrium. If both demand curve and supply curve of labor shift to the right, then the number of workers hired in the market will:
A. increase. B. decrease. C. remain unchanged. D. either increase or decrease or remain unchanged.