A technological advance that increases the productivity of teachers can be expected to have what effects on the equilibrium labor market for teachers?
A. Wages will rise, and quantity of labor will fall.
B. Wages will rise, and quantity of labor will rise.
C. Wages will fall, and quantity of labor will fall.
D. Wages will fall, and quantity of labor will rise.
Answer: B
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Having a goal that does not include making a profit can often explain why the unprofitable idea has not been implemented. These types of ideas may include:
A. helping the poor. B. making great art. C. promoting social justice. D. All of these.
The disagreement value in a nonstrategic game is most closely related to
a. opportunity costs b. fixed costs c. total profit d. accounting costs
In the short run, a firm will eventually experience rising per-unit costs because of:
a. economies of scale. b. diseconomies of scale. c. the law of supply. d. the law of diminishing returns.
Virginia's Ham Company is currently employing 100 workers at a wage of $6 per hour. The firm produces 30 hams that sell for $12 each. The total labor cost per hour is
a. $180 b. $360 c. $600 d. $1,200 e. $3,000