The equilibrium wage rate in an industry is found by
A) the intersection of the market demand curve for labor and the marginal revenue product curve of labor.
B) the intersection of the firm's demand curve for labor and the firm's supply curve of labor.
C) the intersection of the market demand curve for labor and the market supply curve of labor.
D) negotiations between the union leadership and the managers of the firms.
Answer: C
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Explain the main difference between the pay-as-you-go system employed by Social Security and a private pension plan
What will be an ideal response?
Long-term trends for private employer-sponsored insurance indicate that:
a. enrollment in the staff-model HMO is becoming more popular. b. there is a resurgence in the popularity of traditional indemnity insurance coverage. c. the continued popularity of the preferred provider organization is reflected by the fact that it is still the fastest growing form of insurance. d. almost one-third of private sector employees covered by group plans are enrolled in some form of high-deductible health plan. e. the high-deductible health plan (HDHP) is now the most popular form of insurance for private sector employees covered by group plans.
Consider a monopoly where the inverse demand for its product is given by P = 50 ? 2Q. Total costs for this monopolist are estimated to be C(Q) = 100 + 2Q + Q2. At the profit-maximizing combination of output and price, monopoly profit is:
A. $32. B. $92. C. $128. D. $64.
Total market supply can be derived by
A) horizontally summing individual supply curves at each and every price level. B) vertically summing individual supply curves at the current technology level. C) adding up the largest quantity demanded at various prices. D) looking at the changes in the price of raw materials needed to produce the product.