Suppose a monopsonist currently employs 100 workers at a wage rate of $400 per week. If the firm wants to expand employment to 110 workers, and the 110th worker will only work for $450 per week, what is the marginal labor cost of the 110th worker?

If you get an 8 percent increase in your nominal income, your real income

A) definitely increases. B) increases only if the inflation rate is more than 8 percent. C) increases only if the inflation rate is equal to 8 percent. D) increases only if the inflation rate is less than 8 percent. E) increases if the inflation rate is more than or equal to 8 percent.

Supply curves for secondary supply resources (e.g., scrap metal) become:

A) Steeper in the short run B) More elastic in the long run C) Steeper in the long run D) More inelastic in the short run