The labor demand curve of a firm that sells its product in an imperfectly competitive market:
A. Is downsloping, solely because of the law of diminishing returns
B. Is downsloping and flatter than the labor demand curve of a firm that sells its product in a purely competitive market
C. Is upsloping
D. Is downsloping, because of both declining marginal productivity and declining product prices as quantity increases
D. Is downsloping, because of both declining marginal productivity and declining product prices as quantity increases
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The natural rate of unemployment can change over time. Predict how you think the natural rate of unemployment will change during your lifetime. Explain how you arrived at your conclusion.
What will be an ideal response?
"My brother is better at cooking, better at cleaning, and better at fixing the car than I am." Relative to me, my brother has
A. an absolute advantage in cooking, cleaning, and car repair. B. more income than me. C. a comparative advantage in cooking, cleaning, and car repair. D. more intelligence than me.
Use the following figure to answer the question below.
Jane's opportunity cost of producing 1 pound of corn is ________ pound(s) of green beans.
A. 4 B. 2 C. 1/2 D. 1
The transactions approach to measuring money relies on the role of money primarily as a
A) temporary store of value. B) standard of deferred payment. C) unit of account. D) medium of exchange.