What determines the equilibrium wage and quantity for labor in competitive markets?
a. the intersection of the market supply of labor and the market demand for labor
b. the influence of union-negotiated wages and limits on working hours
c. the intersection of minimum wage and the market demand for labor
d. the balance of substitution effect and the income effect
a. the intersection of the market supply of labor and the market demand for labor
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The slope of the total production curve becomes:
A. steeper when marginal product decreases. B. flatter when marginal product decreases. C. negative when marginal product decreases. D. None of these is true.
Experimental evidence indicates women choose less competitive environments than men
a. True b. False Indicate whether the statement is true or false
A headline reads "Good weather increases the lettuce crop." This situation would lead to a(n):
a. Decrease in the price of lettuce and an increase in the quantity purchased b. Increase in the price of lettuce and quantity purchased c. Decrease in the price of lettuce and decline in quantity purchased d. Increase in the price of lettuce and decrease in quantity purchased
The table below shows four alternative techniques for assembling a car. The cost of labor is $20 per hour, and the cost of capital is $10 per hour. Which of the four techniques for assembling a car is not technologically efficient?
A) T-1 B) T-2 C) T-3 D) T-4