The demand curve for labor will shift whenever
A. the marginal factor cost changes.
B. demand for the final product changes.
C. the supply of labor changes.
D. the wage rate changes.
Answer: B
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A single-price monopolist will find when it produces its profit-maximizing amount of output that
A) price exceeds marginal revenue. B) price exceeds marginal cost. C) marginal revenue equals marginal cost. D) All of the above occur at the profit-maximizing output level.
The figure above shows Ilene's budget line. If the price of a can of cat food rises, her budget line rotates so that the vertical intercept is
A) unchanged, but the horizontal intercept is closer to the origin. B) unchanged, but the horizontal intercept is farther away from the origin. C) farther away from the origin, but the horizontal intercept is closer to the origin. D) closer to the origin, but the horizontal intercept is farther away from the origin.
If all the return to a resource is economic rent, we know that
A) the price of the resource is below its opportunity cost. B) the price of the resource equals its opportunity cost. C) the price of the resource is above its opportunity cost. D) the resource has no opportunity cost.
Which of the following could explain an increase in the interest rate and the equilibrium quantity of loanable funds?
a. The demand for loanable funds shifted rightward. b. The demand for loanable funds shifted leftward. c. The supply of loanable funds shifted rightward. d. The supply of loanable funds shifted leftward.