Which characteristic would best be associated with perfect competition?
A. price takers
B. product differentiation
C. nonprice competition
D. few sellers
Answer: A
Economics
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How does an increase in the proportional labor income tax modify the consumer's budget constraint?
A) a parallel move up B) a parallel move down C) the slope decreases (constraint gets steeper) D) the slope increases (constraint gets flatter)
Economics
The downward sloping marginal revenue product of labor is
A) the firm's supply of labor. B) the firm's short-run demand for labor. C) the firm's marginal cost of labor. D) another term for the marginal revenue product of labor.
Economics