Think totals: In a perfectly competitive labor market, the total labor cost curve, TLC
a. is upward sloping, and the marginal labor cost curve, MLC, is downward sloping
b. is downward sloping, and the marginal labor cost curve, MLC, is upward sloping
c. and the marginal labor cost curve, MLC, are both horizontal curves
d. is horizontal and the marginal labor cost curve, MLC, is upward sloping
e. is upward sloping, and the marginal labor cost curve, MLC, is horizontal
E
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What percentage of bank assets were in loans in 2012?
A) 8% B) 20% C) 37% D) 60%
The firm described in Table 8-1 has a fixed cost of ____ at its optimal level of output.
A. 2 B. 6 C. 10 D. 26
The highest-income fifth of the U.S. population earns more than 50 percent of all income.
Answer the following statement true (T) or false (F)
In the long run:
A. firms have the ability to enter or exit the industry. B. firms are able to alter some, but not all, of their resources. C. firms are unable to adjust their output choices. D. None of these are correct.