An individual’s supply curve is backward bending when wages rise above a certain point.
Answer the following statement true (T) or false (F)
True
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Refer to Figure 13-3. Suppose the economy is at point A. If government spending increases in the economy, where will the eventual long-run equilibrium be?
A) A B) B C) C D) D
Which of the following will decrease the price needed to break even?
a. A decrease in overall fixed but avoidable costs b. A decrease in the marginal costs c. An increase in sunk costs d. Both A&B
The special-interest groups model of government explains why:
A. the government fails to use resources efficiently. B. the government protects endangered species. C. there are subsidies to farmers. D. All of these could be explained by this model.
Refer to the information provided in Table 8.4 below to answer the question(s) that follow. Table 8.4ProduceUsing TechniquesUnits of Variable KInputs L1 unit of outputA4 4?B2 6????2 units of outputA 7 6?B410????3 units of outputA 8 6?B 6 11Refer to Table 8.4. Assuming the price of capital (K) is $10 per unit and the price of labor (L) is $5 per unit, the firm will use production technique ________ to produce ________ of output.
A. B; the first two units of output and production technique A to produce the third unit B. B; all three units C. A; the first unit and production technique B to produce the second and third units D. A; all three units