The basic liberal solution to welfare dependency is __________.
Fill in the blank(s) with the appropriate word(s).
government jobs
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Refer to the figure above. What is the social surplus if the market is in equilibrium?
A) $50 B) $75 C) $100 D) $150
Marginal revenue for an oligopolist is
A) identical to the demand for the firm's product. B) difficult to determine because the firm's demand curve is typically unknown. C) horizontal on a price-quantity diagram. D) downward sloping beneath the firm's demand curve.
Shel and Fran are neighbors. They work at the same firm and hold the same title. Shel finds that when Fran's consumption rises, Shel feels worse off. Fran feels the same way about Shel's consumption. Fran has bought a new Jaguar (a luxury car), and shortly thereafter, Shel bought a new Mercedes (also a luxury car). Shel and Fran seem to be:
A. imposing external benefits on each other. B. unaware of the other's actions. C. involved in a positional arms race. D. making independent rational consumption decisions.
The relationship between the elasticity of product demand and the elasticity of demand for labor employed in its production is such that, other things being equal:
A. the more elastic the demand for the product, the less elastic the demand for labor. B. the more elastic the demand for the product, the more elastic the demand for labor. C. the elasticity of product demand only affects the elasticity of labor demand when the product market is purely competitive. D. if product demand is perfectly elastic, labor demand will be perfectly inelastic.