If demand is more elastic, the portion of an excise tax borne by a buyer will
a. increase.
b. decrease.
c. be unchanged.
d. increase for normal goods, decrease for inferior goods.
b
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Which of the following statements is true of the market for labor?
A) In the market for labor, the supply curve is always more inelastic than the demand curve. B) In the market for labor, there is a shortage of labor at the point of intersection of the labor demand and labor supply curves. C) In the market for labor, there is a surplus of labor at the point of intersection of the labor demand and labor supply curves. D) In the market for labor, both the equilibrium wage rate and quantity of labor are determined at the point of intersection of the labor demand and labor supply curves.
In the short run, the monopolistic competitive firm will charge a price equal to marginal cost
a. True b. False Indicate whether the statement is true or false