The supply curve for a monopolist, in the short run, is defined in the same way as that for a competitive firm: it is the portion of the marginal cost curve above average variable cost

Which of the following statements is true?

A) Labor markets in the United States are frictionless. B) The market wage rate is always below the equilibrium wage rate in a frictionless labor market. C) There is always some unemployment in a frictionless labor market. D) Both employees and employers have complete information about each other in a frictionless labor market.

A free lunch (the absence of a tradeoff) when the production of a good is increased is possible for the entire economy only if

A) resources are used inefficiently. B) there is a movement along the PPF. C) prices are decreased. D) prices are increased. E) less of some product is produced.