A surplus in the labor market indicates that the
A) real wage rate is above the equilibrium wage rate but it is too low to eliminate the surplus of labor.
B) quantity of labor demanded is less than the quantity of labor supplied.
C) real wage rate has to rise before the labor market will reach equilibrium.
D) workers are not looking for work because they enjoy their leisure time.
E) real wage rate is less than the equilibrium wage rate.
B
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Draw a production possibilities frontier for an economy, with the axes labeled "military goods" and "peace goods." Indicate the region that is attainable and the region that is not. Explain the shape of the curve-what assumptions did you make in drawing it?
Which tax system requires higher-income taxpayers to have lower tax rates, even though they pay a larger amount of tax when compared to lower-income taxpayers?
a. a proportional tax b. a progressive tax c. a regressive tax d. a lump-sum tax
What is a firm's balance sheet?
What will be an ideal response?
Refer to the diagram. At the profit-maximizing output, the firm will realize:
A. a loss equal to BCFG.
B. a loss equal to ACFH.
C. an economic profit of ACFH.
D. an economic profit of ABGH.