The labor demand curve slopes downward because
a. firms wish to hire fewer workers as the wage rate increases
b. households wish to hire fewer workers as the wage rate decreases
c. firms wish to hire more workers as the wage rate increases
d. firms wish to supply fewer workers as the wage rate increases
e. households wish to provide fewer hours of work as the wage rate decreases
A
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Draw a production possibilities frontier for an economy, with the axes labeled “military goods” and “peace goods.” Indicate the region that is attainable and the region that is not. Explain the shape of the curve. What assumptions did you make in drawing it?
What will be an ideal response?
The Specialty Cake Store, a monopolistically competitive firm, is producing 200 decorated cakes per day and selling each cake for $17. At that production level, ATC is $20, AVC is $15, AFC is $5, and both MR and MC are $8. This firm should
A. decrease output to the point where price equals average total cost. B. increase output to the point where price equals marginal cost. C. continue to produce 200 cakes, as price is greater than AVC. D. shut down and produce zero cakes and just pay fixed costs.
What is a bond?
What will be an ideal response?
"Frictional unemployment and the natural rate of unemployment depends on the age distribution of the population.". Explain the statement with suitable reasons