The source of power for a labor union is its ability to
a. increase the supply of labor
b. decrease the demand for capital
c. increase the quantity supplied of labor
d. decrease the quantity supplied of labor
e. decrease the supply of labor
E
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When marginal revenue is zero:
A. total revenue is maximized. B. elasticity of demand is zero. C. total cost is minimized. D. profit is maximized.
The phrase "double coincidence of wants" ________
A) is useful to explain why barter is an efficient practice B) refers to two people who have similar tastes C) suggests a quite improbable circumstance D) clarifies the distinction between income and wealth E) none of the above
Which of the following is not a reason for studying credit market frictions?
A) explaining features of financial crises. B) explaining key elements of financial market behavior. C) understanding why Ricardian equivalence may not work. D) explaining why collateral does not matter.
Refer to Figure 9.8. In order to eliminate international trade in sugar altogether, this country would have to impose a tariff of
A) $25. B) $50. C) $75. D) $150. E) $175.