If labor demand rises faster than labor supply, it is expected that real wages will ____
a. stay the same
b. decrease
c. increase
d. Not enough information is available to determine the impact on real wage rates.
c
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When a good is nonexcludable, then individuals
A. will purchase the good for more than what it cost to produce the good. B. can obtain the benefits of the good without paying for it. C. have an incentive to become free riders. D. will purchase more than the optimum amount. E. b and c
Very Technical is a firm that sells computing equipment. It costs Very Technical $40 for each order of computer monitors and the variable cost of placing an order is $5 per monitor. If Very Technical sells 2,000 computer monitors a year and they order 50 monitors, what is the annual ordering cost of the monitors?
A) $122,500 B) $116,000 C) $95,500 D) $87,500
Suppose that your firm's marginal cost of producing a pencil is 5 cents and the average cost of producing a pencil is 3 cents. If your firm is interested in minimizing average total costs, what should your firm do?
A. Increase production. B. Decrease production. C. Maintain production at the current level. D. Look for ways to increase fixed costs.
The way that a society uses to allocate resources to satisfy human wants is called
A) an economic system. B) an assumption. C) realism. D) a physical science.