If the supply curve of labor facing the firm is upward sloping, the wage rate and the MLC are identical
Indicate whether the statement is true or false
F
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A British inventor sells a patent to a U.S. corporation for $25,000. If the financial account remains unchanged, the result is ________.
A. always desirable B. undesirable if the economy is below full employment C. always undesirable D. undesirable if the economy is above full employment
An increase in aggregate demand normally does not cause inflation
a. True b. False Indicate whether the statement is true or false
Which of the following would not be emphasized in a capitalist economy?
A. Private ownership of capital and other resources B. Competition and decentralized decisions C. Reliance on market forces to coordinate economic activity D. Prevention of owners of capital from exposing this resource to risk
In a market system, which component conveys information about what is relatively scarce and what is relatively abundant?
A. the number of consumers B. market price C. the number of producers D. the amount of resources used in producing the goods and services