The marginal cost of a unit of labor in a perfectly competitive labor market is
A. equal to product price.
B. its average MRP.
C. equal to MRP.
D. the market wage rate.
Answer: D
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If the quantity of goods and services produced in an economy decreases,
A) it may be possible for nominal GDP to increase. B) real GDP will certainly increase. C) nominal GDP will certainly decrease. D) it may be possible for real GDP to increase.
Suppose that, last year, the price of peanuts fell and the quantity sold increased. Use supply and demand analysis to explain how these changes could have occurred
What will be an ideal response?
The Keynesian view is that the aggregate supply curve is vertical
a. True b. False Indicate whether the statement is true or false
If the unit cost of output for a car is $8000 and the price is $10,000 . what is the firms' markup over cost?
a. 125.0 percent b. 25.0 percent c. 80.0 percent d. 11.1 percent e. 20.0 percent