Refer to Table 17-1. Suppose the output price is $3. If the wage rate is $90, what is the profit-maximizing quantity of labor that the firm should hire?
A) 7 units B) 5 units C) 4 units D) 3 units
A
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To reduce labor costs, companies often invent machines and methods to produce products and reduce the amount of labor required. This is called
A) anti-union. B) downsizing. C) failed labor utilization. D) induced innovation.
All of the following questions or statements regarding medical school are positive except:
A) How do changes in expected future incomes affect the decisions of medical students about which specialty to choose? B) What role does tuition play in a student's decision about whether to attend medical school? C) Have tuition increases had a large effect or a small effect on the number of applications to medical school? D) Medical students who enter specialized fields make a larger contribution to society than do student who enter primary care.
Collective bargaining refers to
A) negotiations between workers and health officials. B) negotiations between management of a company and a labor union. C) farming methods in Marxist states. D) the process of electing union leaders.
An inverse relationship exists when:
A. there is no association between two variables. B. one variable increases and there is no change in the other variable. C. one variable increases and the other variable increases. D. one variable increases and the other variable decreases.