A decrease in the price of the output produced by labor will:
A. decrease the supply of labor.
B. increase the demand for labor.
C. decrease the demand for labor.
D. increase the supply of labor.
Answer: C
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Refer to the information provided in Figure 26.2 below to answer the question(s) that follow.
Figure 26.2Refer to Figure 26.2. At $900 billion, this economy
A. is producing below its capacity. B. reaches its capacity. C. is above its production capacity. D. Any of the above can be correct
Which of the following would be a deadweight loss from a tariff?
A) The shift of consumer surplus to government B) The increase in producer surplus C) The decrease in consumer surplus D) The decrease in consumer surplus due to a drop in consumption E) All of the above.
A monopolist faces a market demand curve with a constant elasticity of -2. The monopoly's production function is Q = 4L and its output price is given by p. What is the monopoly's marginal revenue product of labor function?
A) MRPL = 2p B) MRPL = 4p C) MRPL = 10 - 2p D) MRPL = 5 + 3.5p
Historically, which of the following is the most influential factor driving innovation in the hotel industry?
A. Downturns in the economic cycle B. Focus of the populace on travel in general C. Amenity creep D. Importance of innovation as seen by individual property managers E. Whether or not brand equity is seen as important at any given time