To the degree that the Plumbers and Steamfitters union ensures that through its rigorous training requirements for prospective plumbers are qualified to do the work, it is
A. shifting the supply of plumbers to the right.
B. shifting the demand for plumbers to the right.
C. kinking the supply of plumbers to make it vertical at the level of the constraint.
D. shifting the supply of plumbers to the left.
Answer: B
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When a country imports a good, the ________ in consumer surplus is ________ the ________ in producer surplus
A) decrease; larger than; increase B) decrease; smaller than; increase C) increase; smaller than; decrease D) increase; equal to; decrease E) increase; larger than; decrease
A model (or theory):
a. is a general statement about the causal relationship between variables based on facts. b. helps explain and predict the relationship between variables. c. when expressed as a downward (negatively) sloping graph implies an inverse relationship between the variables. d. all of these.
Discharges of chemicals from a paper plant that pollute a nearby river represent an example of
a. internal costs. b. the underground economy. c. social costs. d. transfer costs.
Briefly explain the nature of a perfectly competitive firm. Briefly discuss the effect of new entrants into a perfectly competitive market