In the market for labor, the price of labor is the:
A. real wage.
B. same as price of the product produced by the labor.
C. number of hours employed per year.
D. marginal product of labor.
Answer: A
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If government regulations significantly increase the cost of operating within a particular market, one result is that
A) new firms are discouraged from entering the market. B) barriers to entry are nullified. C) a perfectly competitive market environment is encouraged. D) new firms are encouraged to enter the market.
Compared to a perfectly competitive firm, an oligopolist charges
A. too low of a price and too little quantity. B. too low of a price and too much quantity. C. too high of a price and too little quantity. D. too high of a price and too much quantity.
Suppose that a regulatory agency has imposed marginal cost pricing on a natural monopolist. We expect that
A. the firm will rise its price above marginal cost. B. the firm will earn only a normal profit. C. the firm will earn economic losses. D. the firm's average total cost of production is rising over the relevant range of production.
If virtual currencies grow significantly in popularity, a potential threat is the ability of end users to:
a. Avoid paying taxes. b. Engage in illegal activities without detection. c. Increase demand without changes in a nation's "official' money supply figures. d. All of the above are true.