According to Thomas Robert Malthus, the wage rate would be depressed to the subsistence level because of
A. the power of monopolies.
B. the desire of capitalists to exploit the working class.
C. the natural tendency of population to grow more rapidly than the production of food.
D. the long-run downward trend in investment.
C. the natural tendency of population to grow more rapidly than the production of food.
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Happy Cows is a dairy farm that is currently earning $100,000 in economic profit. The managers of Happy Cows are considering adding a second dairy farm, which will generate an additional $40,000 in economic profit. It is economically sound for the managers of Happy Cows to add the second farm if, after accounting for the managerial diseconomies, the first farm's economic profits exceed ________.
A) $30,000 B) $60,000 C) $40,000 D) $10,000
Fred, a poor college student, states: "I eat tuna sandwiches five times a week. When I graduate and get a real job, I will never purchase tuna again." Is Fred planning on breaking the law of demand?
The income effect of a price change is the change in consumption that results from the movement to a new indifference curve
a. True b. False Indicate whether the statement is true or false
Suppose the elasticity of labor demand is less than 1 in absolute value. Imposing a minimum wage above the equilibrium wage will:
A. result in full employment. B. make few workers better off. C. increase the earnings of every worker. D. increase the earnings of workers as a group.