Answer the following statement true (T) or false (F)
1) Marginal resource (labor) cost will exceed the wage rate when there is imperfect competition
in the hire of labor.
2) The rising general level of real wages in the United States has occurred because growing
population has increased the supply of labor relative to the demand for it.
3) Marginal resource (labor) cost will always exceed the wage rate when the employer is selling its product in an imperfectly competitive market.
4) A monopsonistic employer may sell its product in a competitive market.
1) T
2) F
3) F
4) T
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The price elasticity of supply equals the percentage change in the
A) quantity demanded divided by the percentage change in the price of a substitute or complement. B) quantity supplied divided by the percentage change in price. C) quantity demanded divided by the percentage change in price. D) supply divided by the percentage change in the demand. E) quantity supplied divided by the percentage change in the quantity demanded.
Arthur buys a new cell phone for $150. He receives consumer surplus of $150 from the purchase. What value does Arthur place on his cell phone?
A) $0 B) $150 C) $225 D) $300
The vicious cycle of poverty is characterized by
a. low factor mobility b. little institutional rigidity c. high capital accumulation d. continual technological change e. all of the above
A decrease in price will cause a firm's total revenue to decrease if demand is price inelastic
a. True b. False Indicate whether the statement is true or false