If the MRP of labor decreases, labor:
A. demand will decrease.
B. demand will increase.
C. supply will increase.
D. supply will decrease.
Answer: A
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In the figure above, when disposable income equals $20 trillion,
A) consumption expenditure is less than disposable income but it is not possible to determine if consumers are saving or dissaving. B) consumption expenditure is greater than disposable income, so consumers are saving. C) consumption expenditure is greater than disposable income, so consumers are dissaving. D) consumption expenditure is less than disposable income, so consumers are dissaving. E) consumption expenditure is less than disposable income, so consumers are saving.
Deadweight loss is not the result of:
a. an efficient market. b. an inefficient market. c. zero consumer surplus. d. zero producer surplus.
Industry A comprises only very few large firms engaged in stiff competition with each other. Industry A can best be described as
A) pure competition. B) monopolistic competition. C) pure monopoly. D) oligopoly.
Academic book publishers hire editors, designers, and production and marketing managers who help prepare books for publication. Because these employees work on several books simultaneously, the number of people the company hires will not go up and down
with the quantity of books the company publishes during any particular year. The salaries and benefits of people in these job categories will be included in A) fixed cost and marginal cost but not variable cost. B) fixed cost but not variable cost and total cost. C) marginal cost and total cost but not fixed cost. D) fixed cost and total cost but not variable cost.