A firm will keep hiring more workers until the MRP of the last worker hired is equal to the ___________.
Fill in the blank(s) with the appropriate word(s).
wage rate
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The wage difference between jobs that require education and those that don't
a. is not likely to be related to productivity differences. b. is a barrier to obtaining an education. c. does not affect the supply of workers in the different labor markets. d. encourages workers to bear the cost of acquiring education.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
In the macroeconomic long run,
What will be an ideal response?
Refer to the below data. If government adopts a price support program that sets the price at $9, then the total amount that private buyers would pay for this agricultural product is:
A. $300
B. $900
C. $1,800
D. $2,000