An increase in the demand for labor means that
A) the demand for labor increases as a result of an increase in the real wage rate.
B) the demand for labor increases at any real wage rate.
C) the supply of labor must also be increasing.
D) the demand for labor increases as a result of a decrease in the real wage rate.
B
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In the above table, the marginal product of the third worker is
A) 1. B) 2. C) 3. D) 4.
Assume milk is used to produce ice cream. Ceteris paribus, a decrease in the price of milk will cause the equilibrium price of ice cream to
A. Increase and the equilibrium quantity of ice cream to increase. B. Decrease and the equilibrium quantity of ice cream to increase. C. Decrease and the equilibrium quantity of ice cream to decrease. D. Increase and the equilibrium quantity of ice cream to decrease.
Absolute advantage occurs when one producer has greater productivity compared to another producing the same product.
Answer the following statement true (T) or false (F)
The percentage of U.S. citizens living below the poverty line is higher today than it was for most of the 1970s.
Answer the following statement true (T) or false (F)