If the MRP of labor decreases, labor:
A. demand will decrease.
B. demand will increase.
C. supply will increase.
D. supply will decrease.
Answer: A
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Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $4 and the wage rate is $50 per day, how many workers should Winnie employ to maximize his profit?
A) 1 B) 2 C) 3 D) 4
In foreign exchange markets, who demands dollars and who supplies dollars?
What will be an ideal response?
Which of the following is an example of a leakage into the circular flow of income and expenditure?
a. Saving b. Exports c. Government expenditure on goods d. Transfer payments e. Investment by firms
The movement of workers between jobs, firms, and industries is called:
A. the demand for labor. B. the supply of labor. C. diminishing returns to labor. D. worker mobility.