In a perfectly competitive market that is in long-run equilibrium, a permanent leftward shift in the market demand curve
A) raises the price in the short run.
B) raises profits in the short run.
C) leads to new firms entering the market in the long run.
D) lowers the price at first but then raises it as firms leave the market.
D
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For people who live near a bus route, a subway station, or a commuter rail line, public transportation provides a substitute to driving their own cars
So, for these people, the cross-price elasticity of demand between gasoline and public transportation is A) zero. B) positive. C) negative. D) infinity.
The marginal product of labor is the
a. cost of one worker b. average output per worker c. change in revenue from selling one more unit of output d. change in revenue from using one more unit of labor e. change in output from using one more unit of labor