In determining how much labor union workers will offer, the union concerns itself mainly with the
A. Marginal wage curve.
B. Market wage curve.
C. Labor demand curve.
D. Marginal revenue product curve.
Answer: A
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Suppose the conditions of the first welfare theorem hold. If the government redistributes income prior to production and trade occurring, the market outcome (resulting from production and trade) will be efficient so long as no deadweight loss is produced in the levying of redistributive taxation.
Answer the following statement true (T) or false (F)
When MFC > MRP, a firm in a competitive market will
A) stop hiring. B) hire more workers. C) earn additional profits. D) layoff workers.
Economic profit is equal to:
A. total revenue minus accounting profit. B. total revenue minus the sum of explicit and implicit costs. C. accounting profit minus explicit costs. D. accounting profit plus implicit costs.
In the resource market:
A. businesses borrow financial capital from households. B. businesses sell services to households. C. households sell resources to businesses. D. firms sell raw materials to households.