Of the determinants of labor productivity, the more important one is
A) the capital-labor ratio.
B) the size of the labor force.
C) total factor productivity.
D) the hours worked by the labor force.
C
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Which of the following can be a barrier to entry, closing a market to new firms?
A) an elastic industry demand curve B) control of a vital resource by one producer C) diseconomies of scale D) ease of obtaining capital financing
If the price of output increases, the labor ________ curve shifts to the ________.
A. demand; left B. demand; right C. supply; left D. supply; right
In the above figure, what is the wage rate the monopsonist will pay?
A. W1 B. W2 C. W3 D. W4
Regulation that keeps the rate of return in the industry competitive is known as
A. deregulation. B. social regulation. C. cost-of-service regulation. D. rate-of-return regulation.