For a firm in a perfectly competitive labor market
A) W > MFC.
B) W < MFC.
C) W > MRP.
D) W = MFC.
Answer: D
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All of the following are flow variables EXCEPT
A) saving. B) capital goods. C) consumption. D) investment.
One of the most obvious clues to the relative scarcity of a product is
A) the limited selection of colors. B) the quality of the product. C) the variations in available sizes. D) its current market price.
If a bank receiving a new deposit of $200,000 would be able, as a result, to increase their lending by at most $120,000, then the required reserve ratio equals: a. 4%
b. 25%. c. 40%. d. 50%.
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The opportunity cost of one tomato is:
A. lower in Country A than Country B. B. the same in both countries. C. higher in Country A than Country B. D. impossible to calculate without more information.