A decrease in the number of workers hired by a firm could result from
A. a decrease in the real wage.
B. an increase in the real wage.
C. an increase in the marginal revenue product of labor.
D. an increase in the marginal product of labor.
Answer: B
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When comparing the measure of goods and services of one country to that of another, economists generally compare
A) the real GDP and net exports. B) the real GDP. C) the real GDP and the labor force. D) the real GDP per capita.
A nonexcludable public good is characterized by nonrivalry in
A. production and nonexcludability. B. consumption and rivalry in production. C. consumption and excludability. D. consumption and nonexcludability. E. none of the above
Which of the following is an example of an activity that generates positive externalities
a. driving a car b. producing clothing c. washing your car d. education e. building a bridge
In a competitive market, economic profits will
A. Cause new firms to leave the market. B. Cause existing firms to expand production. C. Potentially last a long time. D. Not be possible, even in the short run.