When a competitive firm produces output up to the point at which the price is equal to marginal cost, it also hires labor up to the point at which the wage is equal to the
a. marginal cost of labor.
b. marginal profit of labor.
c. marginal product of labor.
d. value of the marginal product of labor.
d
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An open market purchase by the Fed
A) decreases the supply of money. B) increases the supply of money. C) decreases the demand for money. D) increases the demand for money.
The government's role in a developing country is important during the country's development process because building social overhead capital
A. cannot be taken on by the private sector. B. can only be financed by the private sector. C. can only be achieved in a developing country. D. requires a joint venture between the public and private sectors.
An example of a quota that protects an American industry is the quota on
A. tourists entering the country. B. sugar imports. C. sales of oil products to foreign countries. D. purchases of military hardware to foreign dictators. E. All of the above are examples of protective quotas.