A firm's demand for labor increases and its demand curve for labor shifts rightward if
A) the wage rate falls.
B) the price of its product falls.
C) its value of marginal product decreases.
D) an advance in technology increases the marginal product of labor.
D
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The laissez-faire system relies on the price mechanism to allocate resources.
Answer the following statement true (T) or false (F)
In the four-sector circular flow model, households will use their incomes to do all but which one of the following?
a. Save. b. Pay taxes. c. Buy domestic goods and services. d. Buy imported goods and services. e. Invest.
In a closed economy, national saving is
a. usually greater than investment. b. equal to investment. c. usually less than investment because of the leakage of taxes. d. always less than investment.
ch1.What does the expression "There's no such thing as a free lunch" mean?
What will be an ideal response?