The wage rate is determined by
A. the interaction of supply and demand in the market.
B. the substitution and income effects of supply.
C. the U.S. government in all circumstances.
D. None of the choices are correct.
A. the interaction of supply and demand in the market.
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It is difficult to exclude individuals from the use of public goods and services
a. True b. False
The aggregate demand curve tells us the equilibrium level of real GDP corresponding to any price level
a. True b. False
In a competitive market for corn, the law of demand indicates that, other things equal, as:
a. The price of corn decreases, the quantity of corn demanded will decrease b. Income decreases, the quantity of corn demanded will increase c. The demand for corn decreases, the price will increase d. The price of corn rises, the quantity of corn demanded will fall
A firm will reduce its quantity of labor as long as the MRP of labor ________ the market wage rate.
A. is equal to B. is greater than or equal to C. is less than D. determines