The difference in prices for first-class and coach airline tickets exemplifies price discrimination.
Answer the following statement true (T) or false (F)
False
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Because a monopsony must raise the wage on all labor hired in order to hire more labor,
A) the MCL curve is horizontal at the market wage. B) the MCL curve is negatively sloped. C) MCL = W. D) MCL > W.
Which of the following describes a difference between the marginal product of labor and the marginal revenue product of labor?
A) The marginal product of labor declines as each additional worker is hired because of the law of diminishing returns. The marginal revenue product of labor declines as each additional worker is hired because of diseconomies of scale. B) The marginal product of labor is inelastic. The marginal revenue product of labor is elastic. C) The marginal product of labor declines as each additional worker is hired because of the law of diminishing returns. The marginal revenue product increases as each additional worker is hired because of increases in the productivity of labor. D) The marginal product of labor measures the change in output as additional workers are hired. The marginal revenue product measures the change in revenue as additional workers are hired.
Potential output is the amount produced when: a. firms' and workers' expectations about the price level are realized
b. the actual price level is higher than the price level expected by workers. c. firms and workers have the same expectations about the price level. d. the actual price level remains constant. e. the actual price level is lower than the price level expected by firms.
In a competitive labor market, if the supply of labor decreases, wages will:
A. decrease. B. increase. C. drop to zero. D. remain the same.