To determine the number of workers hired, the firm
a. looks to where MRP = the wage rate.
b. looks to the point of maximum difference between MRP and the wage rate.
c. looks to the point of maximum MRP.
d. looks to the point of MRP = 0.
a. looks to where MRP = the wage rate.
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When members of Congress vote to pass new legislation, they will
A) fail to consistently represent the underlying preferences of voters. B) always vote for the alternative favored by a majority of the voters. C) always fail to represent the underlying preferences of voters. D) always vote for the alternative favored by a plurality of the voters if there is no majority position.
Refer to the above figure. At a price of four cents, the quantity of bubble gum supplied will be
A) 3. B) 2. C) 4. D) 5.
To be considered employed, a person must have a full-time job
a. True b. False Indicate whether the statement is true or false
All of the following are possible characteristics of oligopoly except
a. free entry into the industry. b. significant economies of scale. c. interdependence among sellers. d. homogeneous product.