The long-run labor demand curve is relatively flatter than the short-run labor demand curve because, in the short run,
A) the wage rate is fixed.
B) the firm cannot vary the amount of capital used.
C) the firm is a price taker.
D) All of the above.
B
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When a group lobbies for the prevention of free trade, the most likely reason is
A) rent seeking. B) tariff revenue. C) defense against expensive domestic labor. D) preservation of the environment.
What type of policies did Adam Smith attack in his book, An Inquiry into the Nature and Causes of the Wealth of Nations?
What will be an ideal response?
Explain how BOP disequilibrium is restored under
(a) flexible exchange rates. (b) fixed exchange rates, after you define what a BOP disequilibrium means.
To reach an economically efficient output level, the size of an excise tax imposed on a firm generating a negative externality should be
a. the firm's marginal cost. b. the social marginal cost. c. the difference between the social marginal cost and the firm's marginal cost. d. the sum of the social marginal cost and the firm's marginal cost.