In the United States, resources are most often allocated by

If a union sets the wage rate to maximize the total wage receipts of its members, the price elasticity of demand for labor would be

A) zero. B) numerically equal to 1. C) finite, but greater than -1. D) positive, but less than 1.

Efficient production of a public good requires a. that individuals pay for such goods according to benefits received

b. that each individual's MRS be equal to the RPT of public goods for private goods. c. that the sum of individuals' MRSs be equal to the RPT of public goods for private goods. d. that governments produce at the low point of the average cost curve for the public good.