The ________ curve shows a(n) ________ relationship between the real wage and the number of workers who are willing to work
A) labor demand; direct B) labor demand; positive
C) labor supply; inverse D) labor supply; positive
D
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The marginal rate of substitution is equal to the
A) slope of the demand curve. B) marginal cost of each good. C) magnitude of the slope of the indifference curve. D) relative prices of the two goods.
In July 2008, the Federal Communications Commission approved the merger of satellite radio providers XM Satellite and Sirius Satellite Radio, establishing a single satellite radio company in America. The deal is tough for many to swallow
"We continue to believe that consumers are best served by competition rather than monopolies," said National Association of Broadcasters Vice President Dennis Wharton. What does Wharton argue? A) Producer surplus is greater with competition. B) Total surplus is greater with a monopoly. C) Consumer surplus is greater with competition. D) Prices are lower with a monopoly.