President Bigego is running for re-election against Senator Pander. Bigego proclaims that more people are working now than when he took office. Pander says that the unemployment rate is higher now than when Bigego took office. You conclude that
a. one of them must be lying.
b. both of them could be telling the truth if the labor force, and employment grew at the same rate.
c. both of them could be telling the truth if the labor force grew slower than employment.
d. both of them could be telling the truth if the labor force grew faster than employment.
d
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A monopsony pays a wage rate ________ the marginal cost of labor and ________ the value of marginal product of labor
A) equal to; equal to B) lower than; lower than C) equal to; lower than D) lower than; equal to
Market power in the United States causes a huge loss of economic efficiency
Indicate whether the statement is true or false
At the competitive equilibrium quantity supplied equals quantity demanded in all markets
Indicate whether the statement is true or false
The natural rate of unemployment will help determine
A) the open economy effect. B) the position of the long-run aggregate supply curve. C) the level of economic growth in the economy. D) low levels of inflation.