In the simple circular flow
A) producers trade goods and services for monetary payments in the product market.
B) consumers trade resources for goods and services in the factor market.
C) businesses trade goods and services for resources in the product market.
D) consumers trade goods and services for monetary payments in the factor market.
A
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Which of the following is an advantage to the pollution-rights approach to environmental quality?
a. Polluters are compelled to clean up completely. b. Polluters have appropriate incentives to clean up. c. This is a method of direct government regulation. d. Compliance with legal guidelines is discretionary.
Suppose that a union successfully negotiated a 10 percent wage increase and the quantity of labor demanded decreased by 10 percent. Given a fixed labor demand curve, we can conclude that:
A. the labor demand curve is upsloping. B. labor demand is elastic. C. labor demand is unit-elastic. D. the coefficient of elasticity of labor demand is less than 1.