If labor were completely mobile between Muncie, Indiana, and Lexington, Kentucky, and the cost of living was the same in each city, we would expect to find that
a. accountants in Muncie earn the same wage rate as garbage collectors in Lexington
b. garbage collectors in Lexington earn more than accountants in Muncie
c. garbage collectors in Muncie earn the same wage rate as accountants in Lexington
d. all accountants in Lexington would earn the same wage rate
e. accountants in Muncie earn the same wage rate as accountants in Lexington
E
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If each case of detergent were sold at $30, determine the amount of the shortage or surplus that would result.
Consider the market for a Procter and Gamble biodegradable detergent. Suppose that market demand is QD = 120 – 3P, and market supply is QS = –50 + 2P, where P is the price per case and Q is the quantity in thousands per week.
Wages in Baltonia are downwardly rigid. Which of the following will happen if a recession occurs in the country?
A) Employment will fall less than if wages were flexible. B) Unemployment will fall less than if wages were flexible. C) Employment will fall more than if wages were flexible. D) Unemployment will fall more than if wages were flexible.
Which of the following measures of effectiveness is an intermediate measure?
a. Cholesterol level b. Bone-mass density (BMD) c. Hip fracture d. Tumor size e. Blood pressure
Figure 13.1 shows a demand and costs of an unregulated monopoly. The negatively sloped long-run average cost curve reflects that:
A. the firm's total cost of production decreases as its output increases. B. the firm's profit increases as its output increases. C. there exist large economies of scale in production. D. All of these are correct.