In a perfectly competitive industry, the industry demand curve
A) must be horizontal.
B) must be vertical.
C) is upward sloping.
D) is downward sloping.
D
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Bill and Bev are playing the ultimatum game, starting with $50 . A coin flip results in Bev being the one to propose a division of the $50 . If Bev acts as economic theory assumes, she should propose that
a. she gets $30 and Bill gets $20. b. she gets $25 and Bill gets $25. c. she gets $24 and Bill gets $26. d. she gets $49 and Bill gets $1.
For any competitive labor market, changes that increase the opportunity cost of work will:
A. decrease the labor supply and shift the supply curve left. B. increase the labor supply and shift the supply curve right. C. increase the labor supply and shift the supply curve left. D. decrease the labor supply and shift the supply curve right.