The optimal number of workers to be hired by a firm operating in a competitive labor market is where:
a. P = MRP.
b. MRP = w.
c. P = w.
d. MP = MRP.
b
You might also like to view...
The fact that some resource prices are fixed by contracts help explain why firms:
a. increase output in the short run when the price level increases b. keep production levels constant in the short run when the price level decreases. c. sell output in the short run at fixed prices. d. increase output in the long run when the price level increases. e. decrease production when nominal wages fall in the long run.
In some countries, medical care is provided free-of-charge to citizens and is paid for by the government. In those countries, medical care:
A. is rationed by some non-monetary method. B. does not exhibit diminishing marginal returns. C. is available at zero opportunity cost. D. is not a scarce resource.
In some cases, social regulation may alter individuals' behavior. For example, there is evidence to indicate that as more automobile safety regulations have been introduced, more individuals have begun to drive recklessly. This phenomenon is known as
A. the share-the-gains effect. B. the share-the-pains effect. C. the capture effect. D. the feedback effect.
The table above gives the CPI basket for 2015. Suppose that 2015 is the reference base period
a) What is the cost of the CPI basket in 2015? b) What is the cost of the CPI basket in 2016? c) What is the CPI for 2015? d) What is the CPI for 2016?