If there are powerful buyers in a labor market, the use of the supply-and-demand model to analyze labor markets
A. will cause you to believe the wage will be lower than it is.
B. is completely accurate.
C. will cause you to believe the wage will be higher than it is.
D. will cause you to believe that fewer people will be hired than will be.
Answer: C
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In computing GDP, it is essential to
A) avoid double counting. B) include government transfer payments. C) include government tax revenues. D) count all intermediate products directly as they are produced.
Draw a graph showing the typical competitive firm losing money but continuing to operate. Explain why the firm continues to operate rather than shut down.
What will be an ideal response?
After 1929 in the United States, as measured by the Lorenz curve, income inequality:
a. increased sharply. b. remain unchanged. c. declined. d. increased.
A large majority of economists favor eliminating the minimum wage
a. True b. False Indicate whether the statement is true or false