To the degree that the Plumbers and Steamfitters union conducts costly training and apprentice requirements for prospective electricians, it is
A. shifting the supply of plumbers to the left.
B. shifting the demand for plumbers to the left.
C. shifting the supply of plumbers to the right.
D. kinking the supply of plumbers to make it vertical at the level of the constraint.
Answer: A
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The greater the amount of time that passes after a price change, the
A) less elastic supply becomes. B) more elastic supply becomes. C) more negative supply becomes. D) steeper the supply curve becomes. E) None of the above answers is correct.
The argument that strategic planning is not likely to be practical due to insufficient information means that
A) because of trade secrets, the government does not know true cost relationships in any given industry. B) if the government had all the relevant information in a given industry then it could decide whether a subsidy would enhance the public's welfare. C) even if the government had all the relevant information in a given industry, it still could not decide whether a subsidy would enhance the public's welfare. D) due to recent cuts in the Department of the Census' sampling budgets, industry surveys are no longer reliable, so that there is no way to determine if a subsidy is in the public's interest. E) the government would need to employ its intelligence agencies in order to gain a complete understanding of the market.
Single-price monopoly is inefficient because
a. side payments are not made b. a monopoly firm charges a price that exceeds its marginal cost c. a monopoly firm charges a price equal to its marginal cost d. a monopoly firm produces the quantity at which P = MR = MC. e. a monopoly firm produces the quantity at which MR = MC.
Once decreasing marginal returns sets in a production process ________ declines
a. total revenue b. total product c. average product d. marginal product