President Obama would generally advocate increased spending when the economy needs stimulus and increased taxation when the economy needs to be restricted

Suppose the upward sloping labor supply curve shifts leftward in a labor market with a single employer (monopsony). What happens to the equilibrium wage and level of employment in the market?

A) Wage and level of employment increase. B) Wage increases and level of employment declines. C) Wage decreases and level of employment increases. D) Wage and level of employment decline.

If consumers within an industry cannot be represented by as single representative consumer, then the industry equilibrium does not occur where market demand intersects market supply.

Answer the following statement true (T) or false (F)