Unions can affect the demand for, but not the supply of, labor
a. True
b. False
B
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The problem of adverse selection is usually more acute in case of automobile insurance compared to health insurance
Indicate whether the statement is true or false
For competitive firms, the curve that represents the value of marginal product of labor is the same as the demand for labor curve
a. True b. False Indicate whether the statement is true or false
The monopolist's outcome happens at a:
A. equal quantity that is equal to a perfectly competitive one. B. higher quantity than the perfectly competitive one. C. higher price than the perfectly competitive one. D. lower price than the perfectly competitive one.
The accompanying figure shows the annual production possibilities curve for a small country that is open to trade with the rest of the world. Suppose the world price of cashews is $12 per pound, and the world price of mangos is $4 per pound. As indicated in the figure, at these prices, this country will produce 21,000 pounds of mangos and 5,000 pounds of cashews each year.
Suppose that the residents of this country are allergic to cashews and only want to consume mangos. Given that this country is open to trade with the rest of the world, how many mangos in total can its residents consume each year?
A. 44,000 pounds B. 30,000 pounds C. 39,000 pounds D. 36,000 pounds