"Signaling" refers to actions by an informed party for the sole purpose of
a. telling another party that the signaler has information to reveal, without actually revealing that information.
b. conveying false information.
c. induce employees to put in the effort they are capable of.
d. credibly revealing private information.
d
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An increase in the supply (curve) of a good implies a larger quantity of the good will now be supplied
A) at the same price. B) even if the price falls substantially. C) only if the price rises. D) whenever the demand decreases.
The price elasticity of demand for labor will be smaller, the
A) smaller is the price elasticity of demand for the final product. B) easier it is to employ substitute inputs in production. C) larger is the proportion of wage costs in the total cost of production. D) longer is the time period under examination.
If we observe a decrease in the price of a good and an increase in the amount of the good bought and sold, this could be explained by a(n):
a. increase in the supply of the good. b. increase in the demand for the good. c. decrease in the demand for the good. d. decrease in the supply of the good.
The long-run equilibrium price-output combination for a monopolist is economically inefficient because:
a. it does not operate on the minimum point of its marginal-cost curve. b. it does not produce the level of output at which price equals marginal cost. c. consumer surplus is maximized but not producer surplus. d. producer surplus is maximized but not consumer surplus. e. it operates on the downward sloping portion of the average-total-cost curve.