QUESTION 32 and in southern states to More job opportunities open up in the Sout

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QUESTION 32 and in southern states to More job opportunities open up in the South, prompting labor supply curves in northern states to O a. remain unchanged: shift right O b. shift left: remain unchanged O c shift right; shift right d, shift left, shift left shift left; shift right QUESTION 33 A big difference between a competitive firm and a monopolist is that a monopolist O a cannot set its price at the market price. O b.does not try to maximize profits o c doss not charge a price equal to marginal revenue. d, does not set margnal revenue equal to marginal cost to maximize profits. e. can always make positive economic profits O QUESTION 34 An opportunity cost .. can be moasured only when the decision involves spending time on one thing and not on another. b. is equal to the value of what is given up to make a purchase or take an action. O a. can be measured only when the decision involves expenditures of money O d. exists for every decision made by individuals and businesses, but not by the government. O e. is impossible to measure

Explanation / Answer

Q32: a) remain unchanged and shift right

Q33 e) this is a characterstic of competitive firm

Q34: b) opportunity cost is the value foregone. amongst many opportunity costs involved we consider the maximum that is foregone.

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