The marginal factor cost of the third laborer is ________ if the labor supply curve faced by a firm has the following wage-quantity coordinates: 
A. 25
B. 30
C. Cannot be determined until the nature of the product market is known
D. 15
Answer: A
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The Chicago Heights school district study found that
A) teachers have a low occurrence of moral hazard. B) students did much better with a teacher who received merit pay. C) adverse selection results among teachers with poor students. D) teachers did not response to pay incentives.
In the Stackelberg model, there is an advantage
A) to waiting until your competitor has committed herself to a particular output level before deciding on your output level. B) to being the first competitor to commit to an output level. C) to the firm with a dominant strategy. D) to producing an output level which is identical to a monopolist's output level.
The actual burden of a tax
a. falls most heavily on the side of the market that is more elastic. b. falls most heavily on the side of the market that is more inelastic. c. falls most heavily on the side of the market that is closest to unitary elasticity. d. is distributed independently of relative elasticities of supply and demand.
A large grain crop resulting from favorable weather conditions would shift which of the following curves?
a. only aggregate demand b. aggregate demand and short-run aggregate supply c. only short-run aggregate supply d. only long-run aggregate supply