Economists generally believe that
a. buyers and sellers have all the information they can use
b. additional information is costly to acquire
c. decision makers have complete knowledge of all the alternatives available
d. economic decisions result from random behavior
e. decision makers never make mistakes
B
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Growth in real GDP per capita for the world economy was greatest during
A) the seventeenth century. B) the eighteenth century. C) the nineteenth century. D) the twentieth century.
Refer to the graph shown.
If labor supply shifts from S1 to S2, the firm will:
A. raise employment from q1 to q0 to maximize profit where MRP = W. B. reduce employment from q0 to q1 to maximize profit where MRP = W. C. raise employment from q2 to q1 to maximize profit where MRP = W. D. reduce employment from q1 to q2 to maximize profit where MRP = W.