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.
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.
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.