The shape of the marginal cost curve tells a producer something about the marginal product of her workers
a. True
b. False
Indicate whether the statement is true or false
True
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The reason food prices rose so little in 1916–19 was the extraordinary increase in output from the nation's farms
Indicate whether the statement is true or false
Indifference curves close to the origin are ________ those farther from the origin because of ________
A) better than; transitivity B) worse than; nonsatiation C) better than; completeness D) worse than; transitivity
Under normal circumstances, the equilibrium compensation wage differential is the wage differential that exactly attracts the
A. marginal worker into the labor market. B. average high-skilled worker into a low-skill job. C. average worker into a regular job. D. marginal worker into a risky job. E. average worker into a less risky job.
If the graph shown is displaying a competitive labor market:
A. P* would represent how many people are employed in the market. B. Q* would represent the equilibrium wage. C. D would represent the workers' demand for jobs at each wage. D. Q* would represent the equilibrium number of workers in the market.