If an event is certain to occur, it has a probability (pr) of
A) 0.
B) 0 < pr < 1.
C) 1.
D) Not enough information to determine.
C
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A minimum wage might increase employment by a monopsony if it makes the supply of labor curve to that firm
A) steeper, that is, makes supply more elastic. B) steeper, that is, makes supply less elastic. C) flatter, that is, makes supply more elastic. D) flatter, that is, makes supply less elastic.
A windfall profit tax imposed on oil companies would shift the firms'
A) marginal tax rate. B) marginal cost curve. C) average cost curve. D) production function.
A famous opera star made $2 million per year. He said he would rather sell insurance if he couldn't make more than $100,000 per year. If he is telling the truth, how much is he being paid in economic rent?
A) $2.0 million B) $100,000 C) $1.9 million D) $2.1 million
Which of the following statements is true?
A. Marginal revenue product is the extra revenue generated to the firm from the production of one more unit of output. B. Marginal factor cost is the extra cost to a firm of employing one more unit of a factor of production. C. The demand curve for a perfectly competitive employer is horizontal at the market wage rate. D. The supply curve of labor is upward sloping because of the law of diminishing marginal productivity.