In a competitive labor market
a. wages would be determined by supply and demand.
b. the demand curve for labor is derived like the demand curve for any other input.
c. the demand curve for labor is the downward-sloping portion of the MRP curve.
d. All of the above answers are correct.
d
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Cooling systems Carl is the lead engineer on a smart HVAC cooling system that works with minimal energy and is voice activated. Given the revolutionary nature of the system, it took many failed tries to create a system that actually worked, a cost of
$30,000 . Now each unit sells for $6500 and it costs $5000 in raw materials and labor to produce. What costs should Carl take into consideration when deciding to service the order for an additional unit?
In the perfectly competitive model, all firms are assumed to be producing: a. products that are heavily advertised. b. differentiated products
c. identical products. d. complementary products.
Which of the following is not a function of the Fed?
a. To supervise and regulate banks. b. Dealing with financial crises. c. To print currency. d. Check clearing. e. Acting as a "bank for banks".
A tax reduction shifts the consumption schedule downward
a. True b. False Indicate whether the statement is true or false