In competitive labor markets, ________ demand labor and ________ supply labor.
A. firms; labor unions
B. firms; workers
C. workers; firms
D. labor unions; firms
Answer: B
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Bruno makes tamales to sell at the local farmer's market, and each month he sells all he makes. Each month, tamales had been selling for $10 per dozen and Bruno made 80 dozen tamales at a total cost of $500
It costs Bruno $100 to rent a booth at the farmer's market. This month, as Bruno is getting ready to pay management the $100 booth rental fee and display his tamales, he discovers that he will need to cut his price to $5 per dozen to compete with other tamale sellers. Bruno should A) not pay the booth rental fee and not set up his booth because he has already spent $500 to make his tamales and will only receive $400 by selling them. B) only set up his booth if he does not have to pay the booth rental fee because then he will at least break even. C) go ahead and pay the fee and set up his booth because the marginal benefit of selling his tamales is $400 and the marginal cost is $100. D) not set up his booth this month because the marginal benefit of selling his tamales is $400 and the marginal cost is $600.
A market system works very well in solving some basic problems of the economy but it fails in some cases. Provide examples
A family's ability to buy goods and services depends largely on its
a. permanent income, which is its normal, or average, income. b. permanent income, which is the lowest annual income the family has received over a 10-year period. c. transitory income, which is the measure of income used by the government to analyze the distribution of income and the poverty rate. d. transitory income, which is its money income plus any in-kind transfers it receives.
The share of GDP taken by taxes is considerably higher in the United States than in other countries.
Answer the following statement true (T) or false (F)