Suppose the labor market is competitive, the supply curve of labor is upward sloping, and the amount of capital is fixed. If the output market changes from a competitive market to a monopoly, what is the effect on its demand for labor? Explain
What will be an ideal response?
A monopoly will decrease output from the competitive level and thus hire fewer workers. This reduction in the demand curve for labor will result in lower wages.
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From 1960 to 2012
A) the U.S. economy roughly tripled in size. B) U.S. imports roughly tripled in size. C) the share of US Trade in the global economy roughly tripled in size. D) U.S. Imports roughly tripled as compared to U.S. exports. E) U.S. exports roughly tripled in size.
Which one of these is not a major aim (or goal) of bankers?
A. Maximizing their holdings of excess reserves B. Protecting their depositors C. Maintaining liquidity D. Making high profits
If a consumer is given a $10 gift certificate good for items in store X, and all items in store X are inferior goods, then the consumer desires to consume:
A. fewer goods in store X. B. the same amount of goods in store X. C. more goods in store X. D. None of the statements is correct.
Figure 3.6 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and an increase in demand are represented by a movement from:
A. point d to point c. B. point c to point b. C. point b to point d. D. point c to point a.