The supply curve for labor in a purely competitive market slopes upward because
A. the wage rate paid to workers falls as more are hired.
B. marginal resource cost rises as productivity increases.
C. the marginal product of labor falls as output increases.
D. higher wages must be paid to bid workers away from other opportunities.
Answer: D
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The "life cycle" hypothesis sates that
a. MPC remains constant as national income rises b. MPC varies with age c. transitory income determines consumption d. MPC varies with permanent income e. consumption spending is independent of income
Congress trimmed funding for TSA by $____________ this year and the agency cut _______ screener positions.
Fill in the blank(s) with the appropriate word(s).
The primary source of purchasing power used to buy imported goods is
What will be an ideal response?
Exhibit 6-11 Short-run cost schedule for pizzeria's hourly production TotalProduct TotalCost 0 pizzas $ 20 10 70 20 100 30 150 40 250 In Exhibit 6-11, the average total cost or producing 40 pizzas per hour is equal to:
A. $5 per pizza. B. $5.75 per pizza. C. $6.25 per pizza. D. $10 per pizza.