We would expect that a rise in labor supply will have a proportionately larger effect on the market wage rate when
A) the demand for labor is unitary elastic.
B) the demand for labor is inelastic.
C) the supply for labor is elastic.
D) the demand for labor is elastic.
B
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The marginal benefit and marginal private cost curves for aphrodisiacs are given as follows:
MB = 200 - Q MPC = Q In addition to private costs, there is a marginal external cost of $10 per unit of output. What is the efficient level of output? A) 0 B) 55 C) 95 D) 100 E) none of the above
Above the equilibrium nominal interest rate, there is a surplus of money
a. True b. False Indicate whether the statement is true or false
The invisible hand refers to
A. Intervention in the economy by the government bureaucrats we do not see and over whom we have no control. B. The person who has the responsibility to coordinate all the markets in a market economy. C. Undiscovered natural resources. D. The allocation of resources by market forces.
In the short run, a monopolistically competitive firm can earn
A) positive profits only. B) zero profits only. C) zero or positive profits only. D) zero, positive or negative profits.