The profit-maximizing level of labor, in a union-dominated labor market, occurs where
A. MRP = marginal wage.
B. Marginal wage = marginal factor cost.
C. Marginal wage = zero.
D. MRP = marginal factor cost.
Answer: D
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Answer the following statement true (T) or false (F)
Suppose Brandon's indifference curves are defined as U = (3/4)?FS + (1/4)?FH, where FS is consumption during sunny weather and FH is consumption during a hurricane. Further suppose Brandon receives 64 units of food when it is sunny and 16 units when there is a hurricane. What is the certainty equivalent of the expected food consumption bundle if the probability of sunshine is ? = 0.75?
A. 49 units of food B. 52 units of food C. 7 units of food D. 25 units of food
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a. True b. False Indicate whether the statement is true or false
The CPI measures the average level of prices of all final goods and services produced in the economy
a. True b. False Indicate whether the statement is true or false