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The demand for labor curve will be less elastic for the industry than for the firm because
A. Industry demand for labor is more elastic than the firm's demand for labor
B. If all firms hire more labor, the product price will rise
C. If all firms hire more labor, diminishing returns will not set in as quickly
D. If all firms hire more labor, increased output will lower product price and therefore the marginal revenue product
What is meant by market failure? What is the potential role of government in each instance of market failure found in the health care sector?
Teresa likes to consume chocolate and yogurt. Her utility function is given by U(x,y) = x^0.5y^0.5 where x and y are the quantities of chocolate and yogurt she consumes. Suppose that her income is $10 and the initial prices for both of the goods is $..
Some countries like Spain engage in expansive monetary policy to stimulate the economy. What was the effect of this policy on the interest rate, the exchange rate and output? Because of this Spain's irresponsible monetary policy, Spain was in risk of..
Suppose a monopoly faces an inverse demand curve of P = 6 − Q and has constant marginal cost of 2. If the government is considering legislation that would regulate price to the competitive level, what is the maximum amount the monopoly would spend on..
Explain briefly how a change to the following MS, MD, or P (ceteris paribus) would shift the LM function to the right. Include in your discussion whether the variable would have to increase or decrease to cause the rightward LM shift. Discuss which o..
A large bank has increased its annual percentage rate (APR) on credit cards to 35%.?This move was necessary because of the "additional risks" faced by the bank in a weak economy. If monthly compounding is in effect, what is the effective annual inter..
Consider a city where a new automobile factory is scheduled to open. The factory will employ 1,000 people, and the city's employment multiplier for the automobile industry is 2.5. The city's elasticity of labor supply is 1.8, and its elasticity of la..
Consider a small country that is an exporter of good X. Suppose the government imposes a tariff on imports of good X. Using one graph, showing demand and supply of good X in the home country, carefully illustrate the effect of a tariff imposed by the..
what are factors that determine the volume of production
According to the text, in recent years the ratio of earnings of the typical U.S. college graduate to the earnings of the typical high school graduate without additional education has: Increased as the demand for skilled labor has decreased relative t..
Whether the product market or the labor market, what happens to the equilibrium price and quantity for each of the four possibilities: increase in demand, decrease in demand, increase in supply, and decrease in supply.
Two methods of filling cereal boxes are being compared. Both methods fill the box with the same amount of cereal on average so the company wants to select the method with the lower variance. At the 5% level of significance, does it appear that the va..
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