According to your text, when a surplus exists,
A) buyers compete with buyers.
B) buyers compete with sellers.
C) sellers compete with sellers.
D) nobody has to compete because scarcity has been eliminated.
C
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Unions support minimum wage laws because an increase in the minimum wage
A) increases the supply of union labor. B) decreases the supply of union labor. C) increases the demand for union labor. D) decreases the demand for union labor.
The interest rate on seasonal credit equals
A) the federal funds rate. B) the primary credit rate. C) the secondary credit rate. D) an average of the federal funds rate and rates on certificates of deposits.
During the 2008-2009 unemployment rose from about 4.4% to about
a. 6% b. 8% c. 10% d. 12%
A firm's marginal revenue product of labor curve is also
A. its labor demand curve. B. its long-run input cost function. C. its total revenue line. D. its marginal cost curve.