Any change in people's willingness to participate in the labor force is represented as a movement along a labor supply curve

Monopolies are inefficient because, at the profit-maximizing output level,

A) MC = MR. B) MC does not equal MR. C) MB = MC. D) MB does not equal MC. E) P = ATC.

Refer to the table above. Once trade begins, a possible international price (i.e. terms of trade) for textiles in terms of grapes is

A) $5. B) 2/5. C) 2. D) 4/5.