Which of the following statements is true?
a. Derived demand for labor depends on the demand for the product labor produces.
b. Unions can either increase demand or decrease the supply of labor.
c. Investment in human capital is expected to increase the demand for those workers.
d. All of these.
d
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Suppose a monopolist produces a positive level of output. If marginal costs are zero, this output level will occur where price elasticity of demand is exactly -1 unless there are recurring fixed costs.
Answer the following statement true (T) or false (F)
Fill in the blank. A(n) ________ market requires perfect and complete information among all participants
A) monopolized B) oligopolized C) perfectly competitive D) effective
Cost minimization is the process of making optimal use of all of the inputs whose quantities are
A. set in the short run. B. set in the intermediate run. C. set in the long run. D. variable in the short and long run.
The Gini coefficient is calculated by measuring the area between:
A. the line of perfect inequality and the Lorenz curve. B. the line of perfect equality and the Lorenz curve. C. the Lorenz curve and the x-axis. D. the Lorenz curve and the y-axis.