Empirical studies have found that the labor supply curves for most parts of the population are
A) backward-bending.
B) upward-sloping.
C) downward-sloping.
D) nearly vertical.
D
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Refer to Figure 9-3. With a quota in place, what is the quantity consumed in the domestic market and what portion of this is supplied by imports?
A) Domestic consumption equals 40 million pounds of which 22 million pounds are imports. B) Domestic consumption equals 34 million pounds of which 18 million pounds are imports. C) Domestic consumption equals 34 million pounds of which 16 million pounds are imports. D) Domestic consumption equals 28 million pounds of which 18 million pounds are imports.
In first-degree price discrimination, the monopolist
A. can segment the market to the fullest extent. B. knows the equilibrium price. C. charges only two different prices. D. gets less of the consumer surplus than would be taken if 2nd degree price discrimination was practiced.
Copayments and deductibles in insurance policies increase moral hazard.
Answer the following statement true (T) or false (F)
A horizontal demand curve for a firm implies that
A) the firm is a monopoly. B) the market the firm is operating in is not competitive. C) the firm is selling in a competitive market. D) the products of that firm are very different from other firms' products.