Refer to the diagrams. At the profit-maximizing level of employment for this firm, the amount available to pay to nonlabor resources:
A. is 0abc.
B. is 0Wbc.
C. is Wab.
D. cannot be determined.
C. is Wab.
You might also like to view...
Refer to Figure 24-4. In the figure above, LRAS1 and SRAS1 denote LRAS and SRAS in year 1, while LRAS2 and SRAS2 denote LRAS and SRAS in year 2. Given the economy is at point A in year 1, what is the growth rate in potential GDP in year 2?
A) 8% B) 9.1% C) 10% D) 12%
The equilibrium real wage is 25, the money supply equals 15, and k equals 3 . If equilibrium output is 10 then the equilibrium nominal wage is
a. 3. b. 4.5. c. .22 d. 5
Resources are costly because they have alternative uses
a. True b. False Indicate whether the statement is true or false
Phoenix furniture uses 12 workers, each working eight hours, to produce 192 rocking chairs. What is Phoenix's productivity?
a. 192 rocking chairs b. 24 rocking chairs per hour c. 2 rocking chairs per hour d. 2 hours per rocking chair