The firm's demand for labor is derived directly from ________
A) the wage rate
B) the supply of labor
C) labor's cost
D) labor's value of marginal product
D
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What condition must be satisfied so that society is producing the efficient mix of output? Why does this condition guarantee efficiency?
What will be an ideal response?
There is a federal budget deficit when
A) the government spends more that it collects in taxes. B) the government spends less that it collects in taxes. C) the government spends the same amount it collects in taxes. D) taxes are too high.
Every firm that has the ability to affect the price of the good or service it sells will
A) earn a short-run profit but break even in the long run. B) shut down in the short run. C) have a marginal revenue curve that lies below its demand curve. D) have a perfectly elastic demand curve.
If a firm is found guilty of violating any of the European Union competition laws, courts ________ impose fines and ________ sentence managers who have violated the law to jail.
A) can; cannot B) cannot; cannot C) can; can D) cannot; can