Firms consider the ________ wage when considering whether to hire additional units of labor
A) minimum B) real C) normal D) nominal
B
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A perfectly competitive firm is making an economic profit when
A) its total revenue is greater than its total cost. B) the price is greater than the minimum of its average total cost. C) the price is greater than the minimum of its average variable cost. D) Both answers A and B are correct.
For a given level of
A) nominal GNP, changes in interest rates cause movements along the L(R,Y) schedule. B) real GNP, changes in interest rates cause a decrease of the L(R,Y) schedule. C) real GNP, changes in interest rates cause an increase of the L(R,Y) schedule. D) nominal GNP, changes in interest rates cause an increase in the L(R,Y) schedule. E) real GNP, changes in interest rates cause movements along the L(R,Y) schedule.
To own a taxicab in New York City, you must own a medallion. New York City regulates the number of official cabs by limiting the number of medallions. Explain why the New York cab industry is not competitive by reviewing the four conditions necessary for competition. NYC violates which one?
A worker is ?underemployed? if she is working at a job for which her skills far exceed the requirements for the job
Indicate whether the statement is true or false