In a competitive labor market, the equilibrium wage rate is determined by:
A. labor demand and labor supply.
B. government regulation.
C. employees.
D. employers.
Answer: A
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Suppose the major soft drink companies develop vending machines for canned and bottled drinks that can determine your maximum willingness-to-pay for a drink, and the machine charges you that price when you purchase a drink
If this were possible, the consumer surplus in the vended soft drink market would be: A) positive because consumer surplus equals consumer expenditures in this case. B) positive because the market demand curve is perfectly inelastic in this case. C) negative because people are not actually willing to pay their maximum value for the product. D) zero because all surplus value is captured by the seller.
Which of the following companies would gain from foreign currency depreciation?
a. companies which borrow in foreign currency. b. companies which export goods and services. c. companies which invest in the foreign equity markets. d. companies which buy bonds issued by the foreign government.
The economy is in equilibrium, TP = TE. Then, autonomous consumption rises. As a result, __________ rises, the __________ curve shifts __________, inventory levels unexpectedly __________, and business firms __________ the quantity of goods and services they produce
A) consumption; TE; downward; fall; increase B) consumption; TE; upward; fall; increase C) consumption; TE; upward; rise; decrease D) investment; TE; upward; fall; increase E) investment; TP; leftward; fall; increase
The expression "There's no such thing as a free lunch" means
A) each person must pay for exactly what he or she receives. B) when scarce resources are used to produce one good they are unavailable to produce others. C) you cannot have a free lunch at the expense of someone else. D) if one person gains, someone else must lose.