A diagram of a productivity curve has
A) real GDP per hour of labor on the y-axis and hours of labor on the x-axis.
B) capital per hour of labor on the y-axis and real GDP per hour of labor on the x-axis.
C) real wages per hour on the y-axis and real GDP per hour of labor on the x-axis.
D) real GDP per hour of labor on the y-axis and real wages per hour on the x-axis.
E) real GDP per hour of labor on the y-axis and capital per hour of labor on the x-axis.
E
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If a tax is imposed in a market in which demand is perfectly inelastic
A) the buyers pay the entire tax. B) the sellers pay the entire tax. C) the buyers and the sellers both pay a portion of the tax. D) neither the buyer nor the seller pays the tax.
If a technological advance increases a firm's labor productivity, we would expect its:
A. average total cost curve to rise. B. average total cost curve to fall. C. total cost curve to rise. D. average total cost curve to be unaffected.