If the income effect of a wage increase equals the substitution effect, the labor supply curve is horizontal at the equilibrium wage
Indicate whether the statement is true or false
FALSE
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Total revenue is equal to quantity multiplied by average revenue.
Answer the following statement true (T) or false (F)
An increase in labor productivity will shift
A) MRP curve to the left. B) MFC curve to the right. C) MRP curve to the right. D) MFC curve to the left.
Early in U.S. history health insurance was provided to cover
a. income loss due disability or disease. b. hospital expenses. c. routine physicians' services. d. the catastrophic cost of medical care including hospitalization and physicians' services. e. medical costs due to specific diseases such as tuberculosis and alcoholism.
A tariff is
A) a government-imposed restriction on the quantity of a specific good that can be imported into the country. B) a tax on imported goods. C) a subsidy on domestically produced goods. D) a voluntary agreement to restrict exports.