In the market for labor:
A. individuals make up the demand.
B. firms create the supply.
C. the price in the market is the wage.
D. individuals are never paid above their productivity.
C. the price in the market is the wage.
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The foundational principle that makes insurance companies work is called:
A. risk assignment. B. risk analysis. C. catastrophic causation. D. risk pooling.
Given the data in the above table, what is the marginal revenue when the 12th unit is sold?
A. $1.00 B. $3.00 C. $7.00 D. $5.00
If Mr. Garrison is paid an interest rate of 4% on his savings, but the inflation rate is 7%, the real interest rate Mr. Garrison earns is
A. 28%. B. 4%. C. -3%. D. -7%.
________ of the payroll tax if labor supply is perfectly elastic.
A. Employers and employees will evenly share the burden B. Employees will bear the full burden C. Employers will bear the full burden D. If labor supply is perfectly elastic, there is no tax burden.