The Law of Supply states
A) that supply curves slope upward.
B) that supply curves can be vertical or horizontal.
C) Both A and B.
D) None of the above.
D
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Labor demand is decreasing in the wage because
A) the substitution effect is larger than the income effect. B) the income effect is larger than the substitution effect. C) the production function is concave. D) the marginal product of labor is increasing in labor.
In 1978, China was the world's 15th-largest economy. By 2011, China had:
A. the second-largest economy in the world. B. a larger economy than Japan but smaller than Germany. C. an economy worth about $11 trillion. D. the fourth-largest economy in the northern hemisphere
Omega, Inc., accounts for 15 percent of total sales in its industry. It uses a highly technical process on a raw material that is difficult to acquire. The firm closely monitors pricing and output developments in its industry. What additional information is needed to classify this industry as part of an oligopoly?
a. the number of patents held by Omega’s competitors b. the number of competitors and their market shares c. the level of government restriction on the industry d. the start-up costs for a new firm entering the industry
The unemployment rate for blacks in the United States is higher than that for whites.
Indicate whether the statement is true or false