When market wages increase in a perfectly competitive market, then
A) the marginal factor cost increases.
B) the marginal product increases.
C) the marginal factor cost decreases.
D) the marginal product decreases.
A
You might also like to view...
Budget lines are drawn on a diagram with the
A) price of the good on the vertical axis and its quantity on the horizontal axis. B) price of one good on the vertical axis and the price of another good on the horizontal axis. C) quantity of the good on the vertical axis and its price on the horizontal axis. D) quantity of one good on the vertical axis and the quantity of another good on the horizontal axis.
All of the following can raise wages of union members EXCEPT
A) increasing the demand for non-union made goods. B) increasing the demand for union-made goods. C) limiting union membership over time. D) increasing the productivity of union workers.
In the Aggregate Demand - Aggregate Supply diagram in Figure 8.1, Box 3 should be filled with 
A. AS for Aggregate Supply. B. PI for Price Index. C. RGDP for Real Gross Domestic Product. D. AD for Aggregate Demand.
Which of the following statements is equivalent to an appreciation of the dollar relative to the euro?
a. The dollar buys fewer euros now. b. The euro buys fewer dollars now. c. The dollar costs less. d. The euro buys more dollars now