The labor supply curve shows the relationship between the
a. wage rate and the total quantity of labor demanded by firms
b. wage rate and the total quantity of labor supplied by individuals
c. wage rate and the total quantity of labor supplied by firms
d. wage rate and the total quantity of labor demanded by individuals
e. marginal revenue product of labor and the marginal physical product of labor
B
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A country with a comparative advantage in the production of a good will ________ production of the good and ________
A) increase; import the good B) not change; import the good C) decrease; export the good D) decrease; import the good E) increase; export the good
Market prices provide information to consumers, helping them coordinate their activities so long as
a. competition is present and buyers and sellers are free to choose mutually agreeable prices. b. prices are not allowed to rise too high, causing a shortage. c. prices are legally kept equal in all markets, preventing unfair price increases in markets with shortages and unfair price decreases when a market surplus is present. d. the government carefully screens producers and effectively keeps inefficient producers out of the market.