In the simple circular flow model,
What will be an ideal response?
businesses are sellers of final products.
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Has not been successful in reducing poverty among elderly Americans.
Answer the following statement(s) true (T) or false (F)
The marginal cost curve crosses the average total cost curve at the
a. highest level of average total cost. b. lowest level of average total cost. c. point where the ATC equals the AVC. d. point where the ATC equals the AFC.
The tendency of workers to supply more labor in response to a larger reward for working is called the ________ of a higher real wage on the quantity of labor supplied
A) homogeneous labor supply effect B) negative correlation effect C) income effect D) substitution effect
Which of the following is a long-run impact of an increase in the wage?
A. The quantity demanded of labor increases because there are no diminishing returns. B. The quantity demanded of labor increases because the marginal revenue product curve shifts upward due to a higher product price. C. The quantity demanded of labor decreases because firms face a higher degree of diminishing returns. D. The quantity demanded of labor decreases because firms will have an incentive to use more of other inputs instead of labor.