An increase in the demand for labor will ________ wages and ________ employment
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
A
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An indifference diagram has movies on the vertical axis and sodas on the horizontal axis. As the consumption of sodas increases, the marginal rate of substitution ________ and the indifference curve becomes ________
A) falls; flatter B) falls; steeper C) rises; flatter D) rises; steeper
What is one reason firms might lobby to prevent entry into their market?
A) The long run equilibrium might be characterized by P = MC = ATC. B) The long run equilibrium might be characterized by P = MC < ATC. C) The long run equilibrium might be characterized by P > MC = ATC. D) The long run equilibrium might be characterized by P = MC > ATC.
A firm advertising using an expensive, famous spokesperson is often
A) aimed to raise rivals' costs. B) used to increase the total market demand. C) used to steal customers from rivals. D) used to focus on general problems the product addresses.
Progressive taxes are designed to make higher earners pay ______.
a. a lower percentage but more total taxes than others b. a higher percentage and more total taxes than others c. a higher percentage but less total taxes than others d. the same percentage but more total taxes than others