Suppose the upward sloping labor supply curve shifts leftward in a labor market with a single employer (monopsony). What happens to the marginal expenditure curve?

Given that the characteristics of Social Security are determined through the political process, we would expect that young workers would _____ when given the opportunity to vote on the program

a. oppose increases in Social Security taxes b. oppose increasing the retirement age c. oppose means-testing of retirees d. be strongly in favor of the status quo

Suppose the government increases spending on public education by $700 million and individual spending on private education drops by $700 million. This is an example of

A) incomplete crowding out. B) complete crowding out. C) zero crowding out. D) a and c E) none of the above