Which of the following statements is true?
A) If the supply of labor exceeds the demand for labor, wage rates tend to rise.
B) There is no voluntary unemployment at the equilibrium wage rate.
C) If the demand for labor exceeds the supply of labor, wage rates tend to fall.
D) Lack of information relating to the job market can lead to unemployment.
D
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The U-shaped average total cost curve is
A) a result of firms' wanting to find the output level where cost is at its minimum. B) unrealistic because average total cost always increases as output increases. C) the result of average fixed cost falling and decreasing marginal returns as output increases. D) a result of constant marginal returns. E) a result of increasing marginal returns.
Graphically, the marginal revenue curve of a monopolist: a. lies below the demand curve of a monopolist
b. is the same as the demand curve of a monopolist. c. lies above the demand curve of a monopolist. d. is the same as the marginal cost curve of a monopolist.
Which of the following should be held constant when calculating an income elasticity of demand?
a. the price of the good b. prices of related goods c. tastes d. All of the above should be held constant.
In a competitive market, no single producer can influence the market price because
a. many other sellers are offering a product that is essentially identical. b. consumers have more influence over the market price than producers do. c. government intervention prevents firms from influencing price. d. producers agree not to change the price.