If the wage rate is fixed at a certain level, the:
a. total wage cost curve is horizontal.
b. total wage cost curve is a straight upward sloping line.
c. MP must be constant.
d. total wage cost curve will increase at an increasing rate.
e. total wage cost curve will increase at a decreasing rate.
b
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Explain the supply and demand of products, factors of production, and the payments for the products and factors of production as described in the circular flow diagram
What will be an ideal response?
Advertising to differentiate your product most often occurs in what type of industry?
a. Industries that produce agricultural crops b. Industries with monopolies c. Industries with monopolistic competition d. Perfectly competitive industries
As a general rule, if pollution costs are external, firms will produce
a. too little of a polluting good. b. too much of a polluting good. c. an optimal amount of a polluting good. d. cannot be determined without additional information.
The banking system can lend the sum of its excess reserves because
A. The money multiplier is less than 1. B. Banks are required to keep only a fraction of deposits on reserve. C. Required reserves are a leakage from the banking system. D. Bank assets are greater than bank liabilities.