When manufacturing an iPhone, parts must be soldered together. This work can be done by labor or by a robot (capital). More robots will be hired when the price of labor increases. This is known as
A) the effect of changing labor productivity.
B) marginal revenue product.
C) the complementary effect.
D) the substitution effect.
Answer: D
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Which of the following is not one of the obstacles mentioned in the text to a successful system of price discrimination? Inability to
A) evade legal restrictions on discrimination. B) identify differences in demand among customers. C) prevent customers from reselling the product. D) prevent resentment from arising among the people who pay more.
Most recessions and depressions
a. are accurately forecasted. b. usually occur with ample advance warning. c. cause falling unemployment. d. occur with little advance warning.
A union can influence the demand for labor by:
A. requiring union fees. B. raising union fees. C. effective advertising that convinces customers to buy the "union label." D. lobbying for legislation to reduce immigration.
How do most immigrants gain their legal status? What are the major categories of legal admission into the United States?
What will be an ideal response?