An industry's equilibrium wage rate is established
A) by the industry supply curve for labor alone.
B) by the slope of the industry demand curve for labor alone.
C) by the Labor Department and based on the cost of living in the area.
D) by the intersection of the industry supply and demand curves for labor.
D
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In a payoff matrix for a three-player game, there are three payoffs in each cell. The third payoff goes to the column player
Indicate whether the statement is true or false
Major League Baseball teams are similar to other firms in that they use factors of production to produce a product (baseball games). An example of capital used by teams to produce their products is
A) the ballparks where the games are played. B) the labor of baseball players. C) the money teams earn from television contracts and ticket sales. D) the land on which baseball games are played.
In a perfectly competitive industry we are likely to find
a. firms producing a wide variety of products b. barriers to entry c. no profit possible in the short run d. firms that do not advertise e. firms that can choose the price of their products
If the free market is called upon to provide public goods, then:
A. there will more goods provided than is optimal. B. there will be fewer goods provided than is optimal. C. the market will provide the optimal number of goods. D. the market price will be correct, but the optimal amount of output will not be produced.