For a firm in a perfectly competitive labor market, the supply curve of labor is
A. perfectly inelastic.
B. inelastic.
C. perfectly elastic.
D. elastic.
Answer: C
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Following Example 8.8 in the book, the long-run supply of rental housing in most U.S. communities is more inelastic than the long-run supply of owner-occupied housing. Why?
A) Local rental housing regulations B) Limited demand for rental housing C) Limitations on the urban land available for rental housing D) A and C above are correct
Opportunity cost is the value of the next best alternative to a given choice.
Answer the following statement true (T) or false (F)
Assume the government decides to reduce spending in order to reduce the budget deficit, which it financed by borrowing in the real credit market. Where and how should you begin your analysis when analyzing the chain reaction of economic interactions?
a. Start the analysis in the real goods market with aggregate demand shifting to the right. b. Start the analysis in the real goods market with aggregate supply shifting to the left. c. Start the analysis in the real goods market with aggregate supply shifting to the right. d. Start the analysis in the real credit market with demand for real credit shifting to the left. e. Start the analysis in the real credit market with demand for real credit shifting to the right.
The European Currency Unit (ECU) acted as a means of payment
Indicate whether the statement is true or false