When leisure is an inferior good, the wage elasticity of labor supply is always positive.
Answer the following statement true (T) or false (F)
True
Rationale: When leisure is inferior, labor supply curves slope up -- implying positive wage elasticities.
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When a demand curve is perfectly elastic:
A) marginal revenue = average revenue = price. B) marginal revenue > average revenue = price. C) marginal revenue < average revenue = price. D) marginal revenue > average revenue > price.
The Herfindahl-Hirschman Index measures:
A. the degree of concentration in a market. B. the percentage of market share held by the four largest firms in a market. C. the percentage of market share held by the largest firm in a market. D. the market share held by the largest firm in a market divided by the market share held by all other firms in the market.
In reality, the Fed is unable to use monetary policy to keep real GDP exactly at its potential level
Indicate whether the statement is true or false
An example of asymmetric information is when a seller of a house knows more than the buyer about the house's condition
a. True b. False Indicate whether the statement is true or false