Under monopsony, the wage rate
A) equals the marginal product of labor.
B) equals the marginal revenue product of labor.
C) is less than the marginal revenue product of labor.
D) is greater than it would be under perfect competition.
C
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The concept of minimizing the number of physical units of the inputs needed for a given amount of output is known as
a. technical efficiency. b. the principle of diminishing marginal returns. c. economic efficiency. d. decreasing returns to scale.
In a two-period model with production, a temporary increase in domestic government spending
A) increases domestic output and increases the current account surplus. B) increases domestic output and decreases the current account surplus. C) decreases domestic output and increases the current account surplus. D) decreases domestic output and decreases the current account surplus.
Unions sometimes try to ensure that employers hire more union labor than they might otherwise prefer by
a. collective bargaining b. featherbedding c. work enlargement d. restricting the supply of labor e. increasing the demand for union-made products
The behavior of exchange rates has very little to do with the values used in financial statements
Indicate whether the statement is true or false