The demand for labor is downward sloping because of:
a) Diminishing marginal returns to labor.
b) Rising price.
c) Falling marginal cost.
d) Rising marginal physical product.
Answer: a) Diminishing marginal returns to labor.
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Suppose that Starbucks reduces the price of its premium coffee from $2.20 to $1.80 per cup, and as a result, the quantity sold per day increased from 350 to 450 . Over this price range, the price elasticity of demand for Starbucks coffee is:
a. 0.40. b. 0.80. c. 1.25. d. 2.50.
It is possible for a nation to have an absolute advantage in the production of a product, but not a comparative advantage in the production of the same product
a. True b. False Indicate whether the statement is true or false
If Jayla's tax liability increases from $10,000 to $16,000 when her income increases from $30,000 to $40,000, her marginal tax rate is
a. 33 percent. b. 35 percent. c. 50 percent. d. 60 percent.
A motorist who decides to enter a busy expressway during the morning rush hour
What will be an ideal response?