In a monopsony labor market, the employer hires the quantity of labor where the ________ equals the ________
A) marginal revenue of labor; marginal cost of labor
B) marginal cost of labor; marginal product of labor
C) marginal product of labor; value of marginal product of labor
D) marginal cost of labor; value of marginal product of labor
D
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Relate the declaration of war by the United States against terrorism to the production possibilities curve.
What will be an ideal response?
Which of the following is true? a. Sometimes the Fed moves to partly offset or even neutralize the intended effects of fiscal policy changes
b. If a consensus was reached between fiscal and monetary policy makers, you would not expect contractionary fiscal policy and expansionary monetary policy to be adopted at the same time. c. If policymakers' timing is off, expansionary monetary policy could cause an inflation problem rather than reducing a high unemployment problem. d. All of the above are true
Which of the following is the relationship among excess reserves, required reserves, and total reserves?
a. total reserves = required reserves - excess reserves b. excess reserves = total reserves/required reserves c. total reserves = excess reserves + required reserves d. total reserves = excess reserves - required reserves e. excess reserves = required reserves - total reserves
Refer to Figure 14-12. If the figure in panel (a) reflects the long-run equilibrium of a profit-maximizing firm in a competitive market, the figure in panel (b) most likely reflects
a. perfectly inelastic long-run market supply. b. the idea that free entry and exit of firms in the market lead to only one market price in the long run. c. the product of the individual supply curves of all firms in the market. d. the fact that zero profits cannot be sustained in the long run.