Which of the following will not cause the demand curve for labor to shift?
A. An increase in the wage rate.
B. An increase in the price of the final product.
C. An increase in the price of a substitute factor of production.
D. A change in demand for the final product.
A. An increase in the wage rate.
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The marginal product of labor is defined as
A) the change in output that a firm produces as a result of hiring one more worker. B) the additional labor cost of producing one more unit of output. C) the change in total revenue that results when an additional unit of a labor is hired. D) the additional labor required to produce one more unit of output.
The following Phillips curve of would be consistent with the _____ model(s)
a. Keynesian. b. monetarist. c. monetarist and classical. d. classical. e. None of the above
Opportunity cost of an activity
a. Is included in accounting costs b. Does not include monetary costs c. May include both monetary costs and foregone incomes d. Is known with certainty
When the price of hamburgers is $3.50, consumers buy 1100 hamburgers. When the price is $4.50, consumers buy 900. What is the price elasticity of demand in this range? (Use arc elasticity.)
a. 0.8 b. 200 c. 1.25 d. 0.005 e. none of the above