The supply of labor curve is
A) vertical at potential GDP.
B) upward sloping.
C) downward sloping.
D) horizontal at the equilibrium wage rate.
B
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Refer to Figure 2-2. If Vidalia chooses to produce 40 dozen orchids, how many roses can it produce to maximize production?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
In economics, the difference between a firm's revenues and its costs is referred to as
A) factor payments. B) profit. C) physical capital. D) capital gains.
From 1989 to 2013, the share of wealth for the top 3% of wealth holders in the United States
A. remained roughly the same. B. increased by almost 10 percentage points. C. increased by more than 45 percentage points. D. decreased by about 8 percentage points.
The costs that a firm incurs when it changes its production level are adjustment costs.
Answer the following statement true (T) or false (F)