In a perfectly competitive labor market
a. all firms are wage takers
b. all firms are wage searchers
c. all firms sell their output at a constant price
d. none of the firms that demand labor can be monopolists
e. some firms may be able to influence the wage rate as long as most firms cannot
A
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Individuals A and B both produce good X. A has a comparative advantage in the production of good X if A
A) has a lower opportunity cost of producing good X than has B. B) has a lower opportunity cost of producing good X than of producing good Y. C) can produce more units of X in a given time period than can B. D) can produce X using newer technology than can B.
The federal funds rate
A) is determined directly by firm demand for funds. B) is determined administratively by the Fed. C) is determined directly by household demand for funds. D) is determined by the supply of and demand for bank reserves.
The difference between the present discount value of a revenue stream and the present discount value of a cost stream is called the:
A. interest rate. B. net present value. C. net cash flow. D. profit.
For a monopsonist, the labor supply curve is upward sloping because
A) the monopsonist must compete with other industries for that labor. B) the monopsonist requires that the laborers are highly skilled. C) the monopsonist is the only buyer in that labor market. D) the monopsonist restricts the supply of labor.