In a competitive labor market, marginal revenue product equals marginal product times the wage rate
a. True
b. False
Indicate whether the statement is true or false
False
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Health care costs rose more than 10 percent in 2011, according to a survey of insurers by Aon Consulting Worldwide. If the increase in costs solely comes from increased wages to nurses and doctors, then for the health care industry
A) variable costs are increasing. B) fixed costs are increasing. C) long run average total cost is decreasing. D) productivity is increasing.
In the United States, a "buy American" act was passed in 1933 to create larger markets for domestic goods
a. True b. False Indicate whether the statement is true or false
A tax imposed on buyers raises the price of the good more than would the same tax if it was imposed on sellers
Indicate whether the statement is true or false
A monopsonist firm faces a negatively sloped marginal factor cost curve
a. True b. False Indicate whether the statement is true or false