A minimum wage might increase employment by a monopsony if it makes the supply of labor curve to that firm
A) steeper, that is, makes supply more elastic.
B) steeper, that is, makes supply less elastic.
C) flatter, that is, makes supply more elastic.
D) flatter, that is, makes supply less elastic.
C
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A firm decreases its scale of operation and discovers that its long-run average costs decrease. Which of the following does this indicate?
A) Labor's marginal product has increased. B) Diseconomies of scale were absent in the larger plant. C) The firm's scale initially was so large that it experienced diseconomies of scale. D) The firm's scale initially was too small to experience economies of scale. E) Its long-run marginal cost was smaller with the larger plant than with the smaller plant.
Which of the following items is included when computing M1?
a. Checking accounting entries. b. Currency in circulation. c. All of the above. d. None of the above.