Which of the following determines equilibrium wages in perfectly competitive labor markets?
a. The government.
b. Monopoly employers.
c. Where the supply and demand of labor are equal.
d. The requirements of a living wage.
c
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Price in a perfectly competitive market:
A) is affected by government policies. B) is determined by the dominant competitor. C) is affected by the combined decision of all sellers. D) is determined by buyers alone.
The break-up of slave families was most often due to:
a. the sale of fathers. b. the sale of mothers. c. the sale of children. d. divorce.
Describe some of the steps used to combat inflation. What are their side effects?
What will be an ideal response?
There are ten states in the democratic nation of Katlandia, and each state has ten thousand residents. Although incomes vary, each Katlandian pays a tax equal to the total cost of all government projects divided by the number of residents in the country. Currently, two states each have one army base. An army base adds $2 million to a state's local economy each year. In addition, in terms of increased security, the annual marginal benefit to Katlandia of having an additional army base is shown below. The total cost of an army base is $8 million per year.
If Katlandia builds a third army base, the country will have:
A. fewer than the efficient number of bases. B. the efficient number of bases. C. more bases than they can afford. D. more than the efficient number of bases.