An individual's labor supply curve
A. Slopes downward initially, and then may bend upward.
B. Always slopes downward.
C. Slopes upward initially, and then may bend backward.
D. Always slopes upward.
Answer: C
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The phrase "decreasing marginal benefit" means that
A) the more you consume of the product, the less total benefit you derive. B) the marginal cost will be increasing as you consume more of a good. C) each additional unit of a good you consume gives you less additional benefit than the previous unit. D) Both answers A and B are correct. E) Both answers A and C are correct.
The "perfect information" assumption of perfect competition includes all of the following except one. Which one?
A) Consumers know their preferences. B) Consumers know their income levels. C) Consumers know the prices available. D) Consumers can anticipate price changes. E) Firms know their costs, prices and technology.
The Federal Reserve wants to reduce the nation's money supply. This could be accomplished by doing all of the following EXCEPT
A. decreasing the discount rate. B. increasing the reserve requirement. C. selling securities on the open market. D. making banks hold a reserve for all types of deposits.
Scalping is likely to appear when a price is set below equilibrium price by the seller.
Answer the following statement true (T) or false (F)