If the price of labor falls, we can expect:
a. demand for labor will increase.
b. quantity demanded of labor will increase.
c. demand for labor will decrease.
d. quantity demanded of labor will decrease.
e. marginal factor cost to rise in a competitive market.
b
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Supplier power tends to be lower when
a. Suppliers are less concentrated b. There are low costs to switching between suppliers c. Both A&B d. None of the above
If a firm sold $700 worth of goods that cost $800 to produce:
A. aggregate income would still equal GDP. B. aggregate income would no longer equal GDP. C. the firm's loss would not be added to aggregate income. D. aggregate income would be negative.
Choose the letter below that best represents the type of shift that would occur in the following situation in the United States: On October 24, 1929, the U.S. stock market crashed. By the end of the year, over $40 billion of wealth had vanished. (See Figure 8.6.)
A. A. B. B. C. C. D. D.
If the first worker produces five custom picture frames a day, and the second worker produces five additional custom picture frames a day, it is clear that diminishing marginal returns have not yet set in.
Answer the following statement true (T) or false (F)