In order to see how the labor market works as a whole, we need to add up all the:
A. demand curves of individual workers and the supply curves of individual firms to find market level demand and supply.
B. supply curves of individual workers and the demand curves of individual firms to find market level supply and demand.
C. observed equilibrium wages across all individual markets and take the weighted average.
D. None of these statements is true.
Answer: B
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Collaborative research is especially important in high-technology sectors because a single firm might not have the resources to develop a significant innovation.
Answer the following statement true (T) or false (F)
Railroads fueled the expansion of all markets in the post-bellum period of U.S. history
Indicate whether the statement is true or false
One concern is that while _________________ may be benefiting high-skilled, high-wage workers in the United States, it may also impose costs on low-skilled, low-wage workers.
a. international trade b. blocking trade c. economic decline d. limiting trade
A real interest rate that causes the quantity of saving supplied to be equal to the quantity of saving (or investment) demanded is an example of the:
A. principle of comparative advantage. B. equilibrium principle. C. principle of increasing opportunity cost. D. scarcity principle.