The labor supply curve:
A. shows the relationship between the total quantity of labor supplied by all firms in the economy and the wage rate.
B. shows that, all things being equal, more workers will want to work when wages are higher and less will want to work when wages are lower.
C. has a negative slope.
D. All of these are true.
B. shows that, all things being equal, more workers will want to work when wages are higher and less will want to work when wages are lower.
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Which of the following is the term describing very similar products being exported and imported by trading partners?
a. reciprocal trade b. imperfect competition c. intra-industry trade d. inter-industry trade
If a marginal cost pricing rule is imposed on the natural monopoly in the figure above, then the firm will
A) incur an economic loss. B) make zero economic profit, that is, its owners make a normal profit. C) make an economic profit of $4 million. D) make an economic profit of $16 million.