If the wage rate drops, an employer will be willing to hire more workers, ceteris paribus.
Answer the following statement true (T) or false (F)
True
A firm will hire a worker only if the MRP is greater than the cost of hiring the worker-the wage. If the wage rate decreases, more people will be hired.
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Research by economists Martin Hackmann, Amanda Kowalski, and Jonathan Kolstad indicates that the individual mandate provision of the Massachusetts health care program was responsible for a(n) ________ in premiums and the mandate helped to ________
premium increases in subsequent years. A) increase; accelerate B) increase; hold down C) decrease; accelerate D) decrease; hold down
At low levels of production, marginal productivity of labor increases as labor increases. At high levels of production, marginal productivity of labor decreases as labor increases. Are these two statements contradictory? Explain
What will be an ideal response?
Consider a firm that produces 500,00 . units per year. The firm's fixed costs are $100,000 . marginal costs are $250 and the price per unit is $400 . In the short-run, how low can price go before it is profitable to shut down?
a. $150 b. $250 c. $250.20 d. $400
Microeconomics approaches the study of economics from the viewpoint of:
a. individual or specific markets. b. the national economy. c. government units. d. economywide markets.