An advance in technology shifts the production function upward and shifts the labor
A) demand curve leftward.
B) supply curve leftward.
C) demand curve rightward.
D) supply curve rightward.
C
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As more of a good is consumed, marginal benefit ________ and as more of a good is produced, marginal cost ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases E) does not change; does not change
Answer the following statement(s) true (T) or false (F)
1. Good fringe benefits will cause a rightward shift of a firm’s labor supply curve. 2. Monopsony exists when demand for labor and the quantity of labor supplied are at equilibrium. 3. Monopsony is considered good for workers because it evens out the difference between union and nonunion wages. 4. Membership in labor unions is higher in the private sector than in the public sector. 5. The percentage of workers who are union members has decreased dramatically since the 1970s.
The end of a recession is called the:
A. peak. B. boom. C. expansion. D. trough.
According to the profit effect,
A. Some costs do not rise when average prices rise. B. The aggregate supply curve is vertical in the short run. C. All costs rise when average prices rise. D. The aggregate supply curve has a negative slope.