Unions must worry about the marginal wage because it indicates the
A. Effect on the total wage bill of hiring additional workers.
B. Opportunity wage available to workers.
C. Wage at which demand and supply intersect.
D. Effect on the total wage bill of hiring all workers.
Answer: A
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In the figure above in the market for high-skilled labor, the equilibrium wage rate is
A) $16. B) $8. C) $20. D) $28.
With capital on the vertical axis and labor on the horizontal axis, vertical isoquants imply that
A) capital and labor are perfect substitutes. B) capital and labor must be used together in a certain proportion. C) capital is not productive. D) labor is not productive.
Which of the following is a TRUE statement about stock markets?
A) Economists can make above-average profits in the stock market because of their specialized knowledge of economics. B) It is always better to buy growth stocks than the older and more stable blue-chip stocks. C) The stock market on average over time is random and totally unrelated to the performance of the economy. D) It is illegal for a friend of a corporate executive to make large profits in the stock market by using his inside information.
If the total utility derived is 20 utils from two glasses of lemonade and 24 utils from three glasses of lemonade, the marginal utility of the third glass is _____
a. 4 utils b. 6 utils c. 20 utils d. 24 utils