If the MRP of labor were $50 and the wage rate were $100,
A. exactly the right amount of labor is being used.
B. not enough labor is being used.
C. only half as much labor is being used as should be used.
D. too much labor is being used.
D. too much labor is being used.
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The belief that the U.S price level will rise in the future will tend to cause, other things the same ________
A) no change in the value of the U.S. dollar B) an increase in the value of the U.S. dollar C) no change in the value of the U.S. dollar in the short-run D) a decrease in the value of the U.S. dollar
If regulators disallow price increases requested by a natural monopoly that is currently earning an economic loss, quality of service will
A) increase rapidly. B) likely fall. C) remain unchanged. D) none of the above.
The primary difference between a market-day supply curve and a short-run supply curve is the
a. amount of time that suppliers have to respond to a price change b. number of suppliers that can enter the market c. time available to people to align their demands to supply d. type of good being produced e. lower price that increases quantity supplied
Each point on the demand curve is
a. demand for the product. b. a quantity demanded at that price. c. the amount that people want to buy. d. the amount people want to buy at different income levels. e. All of the above are correct.