Which of the following is likely to cause a decrease in the wage rate and an increase in the employment level of a country?
A) A left shift in the demand curve for labor, without any change in the supply curve for labor
B) A left shift in the supply curve for labor, without any change in the demand curve for labor
C) A right shift in the supply curve for labor, without any change in the demand curve for labor
D) A right shift in the demand curve for labor, without any change in the supply curve for labor
C
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Which of the following is not true? a. The monopolist, like the perfect competitor, will maximize profits at that output where MR = MC
b. The monopolist, like the perfect competitor, will maximize profits at that output where P = MC. c. If a monopoly is earning economic profits, they will not be eliminated by entry into the industry. d. A monopolist produces an output where the value to society from the last unit produced is greater than its marginal cost.
Government price controls a. strip market prices of their ability to signal relative scarcities to both buyers and sellers. b. often impose harm on at least some of the group of people they are trying to assist. c. sometimes force prices above or below what they would be in a market economy
d. all of the above
Firms that operate in perfectly competitive markets try to
a. maximize revenues. b. maximize profits. c. equate marginal revenue with average total cost. d. All of the above are correct.
When total revenue is less than variable costs, a firm in a competitive market will
a. continue to operate as long as average revenue exceeds marginal cost. b. continue to operate as long as average revenue exceeds average fixed cost. c. shut down. d. raise its price.