Which year marked a major turning point in the history of the U.S. balance of trade?

The difference between the marginal expenditure and the wage is greater when the supply curve of labor is

A) less elastic at the monopsony optimum. B) more elastic at the monopsony optimum. C) more elastic than the demand curve. D) The difference does not depend on any elasticity.

Which of the following would not cause a change in the demand for cheese?

a. an increase in the price of crackers, which are consumed with cheese b. an increase in the income of cheese consumers c. an increase in the population of cheese lovers d. an increase in the price of cheese