The MFC curve
A) lies below the labor supply curve, when the labor supply curve is upward sloping.
B) lies above the labor supply curve, when the labor supply curve is upward sloping.
C) is the labor supply curve.
D) is parallel to the labor supply curve, when the labor supply curve is downward sloping.
B
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To close a recessionary gap, the Federal Reserve must ________ real interest rates by ________ the money supply.
A. increase; decreasing B. decrease; increasing C. increase; increasing D. decrease; decreasing
When two ice cream vendors locate next to each other on the beach, they are exhibiting a Nash equilibrium
a. True b. False Indicate whether the statement is true or false
In a perfectly competitive market, firms will exit in the
a. short run if they are suffering economic losses b. short run if they are earning below-normal profit c. short run if price exceeds average total cost d. long run if they are earning above-normal profit e. long run if they are suffering economic losses
If marginal cost is rising, then average cost must be rising.
Answer the following statement true (T) or false (F)