An industry's equilibrium wage rate is established
A) by the industry supply curve for labor alone.
B) by the slope of the industry demand curve for labor alone.
C) by the Labor Department and based on the cost of living in the area.
D) by the intersection of the industry supply and demand curves for labor.
Answer: D
You might also like to view...
Refer to Cournot Problem. In the Nash Equilibrium, each firm will receive producer surplus of
a. $300 b. $450 c. $600 d. $900
Answer the following statements true (T) or false (F)
1. Command-and-control regulation is inflexible. It usually requires the same standard for all polluters, and often the same pollution-control technology as well. 2. If the pollution tax applies to every source of pollution, then no special favoritism or loopholes are created for politically well-connected producers. 3. Economists value a human life on the basis of studies of the value that people contribute to the economy of their nation. 4. No nation by itself can reduce emissions of carbon dioxide and other gases enough to solve the problem of global warming—not without the cooperation of other nations.
The biggest problem thwarting economic growth in the poorest countries, compared to the richest countries, is:
A. a legal and/or political environment unfavorable to economic growth. B. outdated physical capital. C. insufficient human capital. D. no access to technology.
Government intervention may achieve a more optimal outcome than the market mechanism when addressing
A. Consumption of cigarettes. B. Inefficient bureaucracy. C. The supply of new hot dog stands. D. None of the choices are correct.