If leisure were an inferior good, then labor supply curves
a. would all be negatively sloped.
b. would all be positively sloped.
c. would all be vertical.
d. could still be positively or negatively sloped.
b
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Marginal ________ is the added revenue from producing and selling one more unit of output.
A. revenue B. cost C. income D. profit
Market failure occurs when
A) the price system fails to generate an efficient allocation of resources. B) the price system fails to generate an equal distribution of income. C) the price system fails to generate an equal distribution of wealth. D) the price system allows consumers to make their own decisions.
When all the conditions for perfect competition are met,
A. the system produces the goods and services consumers want. B. resources are allocated among firms efficiently. C. final products are distributed among households efficiently. D. All of the above are correct.
Since the demand for radishes is relatively elastic, a tax on radishes would be largely borne by radish farmers.
Answer the following statement true (T) or false (F)