The MRP is
A) the supply curve of labor for an individual firm.
B) the demand curve for labor for an individual firm.
C) the demand curve for labor for the entire market.
D) the supply curve of labor for the entire market.
Answer: B
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Jaycee Jeans sold 40 pairs of jeans at a price of $40. When it lowered its price to $20, the quantity sold increased to 60 pairs. Calculate the absolute value of the price elasticity of demand. Use the midpoint formula
A) 1.67 B) 1.0 C) 0.6 D) 0.53
Because producers do not bear the external cost of pollution,
A) private production exceeds the economically efficient level.
B) the economically efficient level of production is achieved.
C) private production is below the economically efficient level.
D) the market price for the product being produced by the pollution-generating company is too high.
Last year due to the increased rainfall there was a plentiful supply of blueberries which caused their price to drop. Bakeries regularly produce and sell blueberry pie. Considering the market for blueberry pies, what factor of supply has been affected, and what was the overall effect on the supply?
A. The price of an input has been affected; supply will increase. B. The number of sellers has been affected; supply will increase. C. The new technology has been affected; supply will increase. D. The price of an input has been affected; supply will decrease.
Comparative advantage is defined as
A. the ability to produce more output from given inputs of resources than others can. B. the ability to use more input of resources than others can. C. having a lower average fixed cost in the production of a good than does someone else. D. the ability to produce more output of one good relative to another good than another country can.