The marginal cost of labor, MCL, is defined as the
A) total cost of producing a certain amount of output.
B) total cost of hiring an additional worker.
C) additional cost of hiring an additional worker.
D) additional fixed cost of producing an additional unit of output.
C
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In the above figure, which movement illustrates the impact of the price level and money wage rate rising at the same rate?
A) E to H B) E to K C) E to G D) E to J
During certain periods in the past few decades, if one of the three major breakfast cereal producers in the United States announced a price increase, the other two announced a similar price increase. This is a good example of
a. monopolistic competition b. a cartel c. a pure monopoly d. the kinked demand curve model of oligopoly e. the price leadership model of oligopoly
The Clayton Act
a. preceded the Sherman Act. b. replaced the Sherman Act. c. strengthened the Sherman Act. d. was specifically designed to reduce the ability of cartels to organize.
A scholarship gives you $1,000 today and promises to pay you $1,000 one year from today. What is the present value of these payments?
a. $2,000/(1 + r)2. b. $1,000 + $1,000/(1 + r) c. $1,000/(1 + r) + $1,000/(1 + r)2 d. $1,000(1 + r) + $1,000(1 + r)2