The MRP curve for labor generally expresses
A. a particular firm's demand for labor.
B. the entire industry's demand for labor.
C. the entire economy's demand for labor.
D. None of the choices are correct.
A. a particular firm's demand for labor.
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In the above figure, the long-run equilibrium price and output are
A) $10 and 10. B) $10 and 12. C) $7 and 8. D) $8 and 10.
Macroeconomic models focus on the behavior of
a. individual households, business firms, and government agencies b. individual nations in the foreign trade sector c. the entire economy d. large industrial sectors, such as manufacturing e. individual business firms and government agencies
Which of the following factors is always present in consumer decision making?
a. taxes b. high prices c. scarcity d. changing consumer tastes e. cost-of-living adjustments to income
You are considering staying in college another semester so that you can complete a major in economics. In deciding whether or not to stay you should
a. compare the total cost of your education to the total benefits of your education. b. compare the total cost of your education to the benefits of staying one more semester. c. compare the cost of staying one more semester to the benefits of staying one more semester. d. compare the total benefits of your education to the cost of staying one more semester.