If a firm takes the wage as given, then the firm's marginal expenditure on labor curve is
A) above the labor supply curve.
B) below the labor supply curve.
C) the same as the labor supply curve.
D) upward sloping.
C
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Suppose consumer tastes and preferences shift from pizza to tacos. In the short run case, these changing tastes will result in pizza restaurants ________ pizza prices and taco restaurants ________ taco prices
A) decreasing; increasing B) decreasing; decreasing C) increasing; increasing D) increasing; decreasing
The Lorenz curve is best used to measure the distribution of income
a. True b. False Indicate whether the statement is true or false
In the long-run, profit maximizing monopolists
A. never make positive economic profits. B. price where MC and price are equal. C. will produce where MC is below long run ATC. D. produce where average total costs are minimized.
If employment grows faster than the population as a whole, then output per capita can increase faster than productivity per worker
Indicate whether the statement is true or false