A vertical supply curve may be described as being
A. relatively inelastic.
B. relatively elastic.
C. perfectly elastic.
D. perfectly inelastic.
Answer: D
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You are the manager of a spa you believe one of your suppliers is engaged in cartel activity. As the manager, you ________ an incentive to report the behavior because your spa can ________.
A) do not have; receive treble damages B) have; have to pay whistle -blower fees C) have; receive treble damages D) do not have; have to pay whistle-blower fees
Jewelry workers and maintenance workers both get paid $4 an hour. Their supply curves are identical. The demand curve for jewelry workers is more elastic than the demand curve for maintenance workers. An increase in the minimum wage to $5.25 an hour will create
a. greater unemployment among jewelry workers than maintenance workers b. greater unemployment among maintenance workers than jewelry workers c. a shortage of jobs among maintenance workers d. a shortage of jobs among jewelry workers e. a wage differential between the two sets of workers
The type of customization when source code is changed is referred to as a _______
a. Enhancement b. Augmentation c. Modification d. Adaptation
If the marginal product of labor is always positive, and total revenue grows with each additional worker. Firms do not continuously hire new workers because:
A. there isn't enough room in the factory. B. there isn't an infinite number of workers. C. wages would have to increase. D. they stop when MRP = wage