An increase in the price of grape juice causes an increase in the marginal revenue product of labor used to produce grape juice
Indicate whether the statement is true or false
TRUE
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An increase in the supply of capital, which is a substitute to labor, will lead to a decrease in the demand for labor
Indicate whether the statement is true or false
Consumer equilibrium occurs where the budget line is tangent to the:
a. lowest possible indifference curve. b. highest possible indifference curve. c. utility maximizing indifference curve. d. utility equalization indifference curve.
An economy's production possibilities curve for a year is drawn assuming: a. a fixed quantity of resources and technology that is changing along the curve. b. an unchanging level of technology and a changing quantity of resources
c. a fixed quantity of available resources and an unchanging level of technology. d. that the productivity of resources increases continually.
Which of the following groups of workers would be considered part of the short-run supply of court reporters in the Chicago area-labor market?
a. individuals in the Chicago area who are undergoing training as court reporters b. trained court reporters in Indianapolis who are seeking information about relocating to Chicago c. trained court reporters and individuals undergoing training in the Chicago area d. unemployed, trained court reporters who are seeking work in an alternative field in the Chicago area e. trained court reporters working or seeking work as court reporters in the Chicago area