In a competitive labor market a firm will continue to employ workers for as long as an additional worker's marginal revenue product is below the wage rate
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose the government has a $440 billion budget deficit. If the government borrows $330 billion to finance this deficit and finances the rest by printing money, the amount of new money created will be
A) $90 billion. B) $110 billion. C) $440 billion. D) $770 billion.
The law of demand states that
a. there is a positive relationship between price and quantity demanded b. price is the only factor that influences the quantity that people are willing and able to buy c. price and quantity demanded are inversely related d. the demand curve shifts whenever the price of a good changes e. by producing a product, firms create a demand for it
Suppose there are only two goods (Good A and Good B) and the average person buys 4 of Good A in a year and 3 of Good B. If the Price of Good A is $5 and the Price of Good B is $10, the price of the market basket
A. is 50. B. is 20. C. is 30. D. is 100.
Define “producer surplus.”
Please provide the best answer for the statement.