What do economists call the quantity of labor at the level where supply and demand meet?
a. marginal employment level (C*)
b. full employment level (E*)
c. equilibrium wage level (W*)
d. equilibrium employment level (Q*)
d. equilibrium employment level (Q*)
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Are there key differences between an increase in the capital stock and an improvement in the level of technology?
Table 30.1Number of workers (per hour)Total output (per hour)Marginal physical product (output per worker)Total revenue (dollars per hour)Marginal revenue product (dollars per hour worker)14---________---210________________________315________________________419________________________522________________________Assume that the product price is $4 per unit and that the hourly wage for workers is $12. Neither price nor wage changes with output. In Table 30.1, the marginal physical product of the third worker hired is
A. 15 units per hour. B. 3 units per hour. C. 4 units per hour. D. 5 units per hour.
When an economy is operating efficiently, the production of more of one good will result in the production of less of some other good because
What will be an ideal response?
Under the Depository Institutions Deregulation and Monetary Control Act, all depository institutions are now subject to the Fed's _____; at the same time all depository institutions are now legally authorized to issue ______.
Fill in the blank(s) with the appropriate word(s).