If we wanted to describe unemployment in terms of supply and demand, we could say:
A. the quantity of those demanding labor is greater than those supplying labor.
B. there is a surplus of labor.
C. at the prevailing wage, the demand is greater than the supply of labor.
D. All of these are true.
Answer: B
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The market demand curve in a perfectly competitive industry is horizontal, while the demand curve faced by an individual perfectly competitive firm is downward sloping
a. True b. False Indicate whether the statement is true or false
A perfectly inelastic demand curve is: a. parallel to the horizontal axis
b. parallel to the vertical axis. c. downward sloping with a slope of 45 degrees. d. U-shaped with the minimum value equal to zero.
Suppose that just by doubling the amount of output that it produces each year, a firm's per-unit production costs fall by 30 percent. This is an example of:
What will be an ideal response?
Suppose that the demand for movie tickets is price inelastic for the range of prices between $10 and $12. If a movie theater raises the price of tickets from $10 to $12, what will happen to total revenues?
A) Total revenues will decrease. B) Total revenues will increase. C) Total revenues will not change. D) Total revenues will have no relationship to the quantity of ties demanded.