The labor supply curve has a positive slope if the
A) substitution effect outweighs the income effect.
B) income effect outweighs the substitution effect.
C) demand for labor is elastic.
D) demand for labor is inelastic.
A
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A constant marginal rate of substitution between two goods implies that they are
A) perfect complements. B) perfect substitutes. C) independent goods. D) unattainable.
Regarding the production of health care, more recent studies suggest that economies of scale exist up to a hospital size of approximately 200 beds
Indicate whether the statement is true or false
The military is not a perfectly competitive market because
A) there is only one buyer, i.e., the government, for military goods/services. B) there is imperfect information, i.e., intelligence branches. C) there are heterogeneous goods/services because each military branch provides different goods/services. D) All of the above
An individual firm in a perfectly competitive labor market faces: a. a downward sloping labor demand curve and an upward sloping labor supply curve. b. a horizontal labor supply curve and a vertical labor demand curve
c. a horizontal labor supply curve and a downward sloping labor demand curve. d. an upward sloping labor supply curve and a horizontal labor demand curve.