Which of the following will increase the marginal product of labor in the labor market?
a. An increase in the price level and the money wage.
b. An increase in the real wage.
c. A decrease in the capital stock.
d. An increase in the supply of labor.
B
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Why do workers exert more effort when they are paid higher salaries?
What will be an ideal response?
The corporate form of business organization
a. is chosen by more firms than any other form of organization in the United States b. gives firm owners limited liability c. generates less than half of the output in the U.S. economy d. combines the limited liability of the partnership with the personal control of the sole proprietorship e. is the least complex form of business organization
Firms in an oligopoly market tend to have strategies that are ____ and ____ economic profits. a. Independent of one another; earn guaranteed b. Independent of one another; are not guraranteed
c. Interdependent with one another; earn guaranteed d. Interdependent with one another; are not guraranteed
Most economic activity in the United States is carried out by monopolies
a. True b. False Indicate whether the statement is true or false