It is profitable to hire labor so long as the:
A. MPL is less than wage.
B. VMPL is less than wage.
C. VMPL is greater than wage.
D. MPL is greater than wage.
Answer: C
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A bank faces a required reserve ratio of 5 percent. If the bank has $200 million of checkable deposits and $15 million of total reserves, then how large are the bank's excess reserves?
a. $10 million b. $0 c. $5 million d. $15 million
Supply refers to the amount of a product that a producer will offer in the market at some particular price.
Answer the following statement true (T) or false (F)
One of the elements of monopolization is
A. monopoly pricing. B. the willful acquisition of monopoly power. C. wanting to be a monopoly and wanting to earn monopoly profits. D. having a monopoly.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.