Each of the following, except one, is a condition that characterizes a perfectly competitive labor market. Which is the exception?
a. Workers appear identical to firms.
b. Workers receive wages that are above their marginal revenue product (MRP).
c. There are no barriers to entering the labor market.
d. There are no barriers to exiting from the labor market.
e. There are many buyers of labor in the market.
B
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Refer to Figure 21.1. If Area I = 1,700 and Area J = 3,300, what is the Gini coefficient?
A) 0.17 B) 0.34 C) 0.52 D) 2.94
For a monopolist, changes in demand will lead to changes in
A) price with no change in output. B) output with no change in price. C) both price and quantity. D) any of the above can be true.
If a government enacts a price floor on agricultural products to protect wheat farmers, the result is likely going to be
a. an increase in price with a surplus of wheat. b. an increase in price with a shortage of wheat. c. a decrease in price with a surplus of wheat. d. a decrease in price with a shortage of wheat.
Investment spending, capital formation, and rapid technological progress are directly related
a. True b. False Indicate whether the statement is true or false