If a firm takes the wage as given, then the supply curve of labor to that firm is
A) horizontal.
B) vertical.
C) upward sloping.
D) downward sloping.
A
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An oligopoly market is characterized by limited number of sellers, each having complete control over the market price level as in case of monopoly
Indicate whether the statement is true or false
The institutionalist theory of inflation differs from that of the quantity theory by focusing on:
A. the rate of growth in the money supply. B. how firms determine wages and prices. C. the institutions that influence how the money supply is determined. D. the equation of exchange.
Changes in government spending
A. are an indirect component of the expenditures schedule. B. have a different multiplier effect than changes in business investment spending. C. are a direct component of the expenditures schedule and have the same multiplier effect as changes in business investment spending. D. do not have an effect on spending if they are matched by tax changes.
One reason to require licensing of attorneys is that
A. legal services are a private good. B. legal services generate positive externalities. C. consumers of legal services lack perfect information. D. legal services are used primarily by the wealthy.