When a union is present in a labor market, wages are not determined by the equilibrium of supply and demand
a. True
b. False
Indicate whether the statement is true or false
True
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If supply decreases along a given demand curve,
a. an excess quantity demanded will be created, increasing the equilibrium price and causing equilibrium quantity to fall b. an excess quantity supplied will be created, lowering the equilibrium price and causing equilibrium quantity to rise c. an excess quantity demanded will be created, raising the equilibrium price and quantity d. an excess quantity supplied will be created, lowering the equilibrium price and quantity e. price will fall, shifting the demand curve outward, raising the equilibrium quantity
The Commodity Credit Corporation provides loans to farmers based on expected sales
a. at rates of interest scaled to the farmer's profits b. that need not be repaid at all if the farmer suffers a loss c. that must be used for seed, expansion of land, or new farm equipment d. that can be repaid with sales revenue or with an unsold supply of farm goods e. at prime market rates
The game in Scenario 13.8 is
A) variable-sum. B) constant-sum. C) cooperative. D) a Prisoner's Dilemma. E) a Conjoint Crux.
A difference between economic regulation and social regulation is that
A) the former tends to affect the prices at which products are sold and the latter does not. B) the former tends to affect the profits of firms and the latter does not. C) the former tends to be specific to an industry and the latter tends to affect firms in all industries. D) the former tends to be done at the state level and the latter at the federal level.