In a competitive labor market, if a firm pays a worker less than that worker's VMP, then in the long run:
A. competing firms will hire the worker away.
B. the supply of workers will fall.
C. the firm will earn positive economic profits.
D. the worker will have no incentive to work hard.
Answer: A
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A firm's total fixed cost equals $2,500 . The firm's average fixed cost at 1, 5, and 10 units of output, respectively, will be: a. $2,500, $2,500, and $2,500
b. $2,500, $500, and $250. c. $2,500, $12,500, and $25,000. d. $2,500, $1,250, and $250.
Which of the following statements is false?
A) The market value of all nonmarket goods is omitted from GDP. B) The sale of used goods is omitted from GDP. C) The market value of a person mowing his or her own lawn is omitted from GDP. D) If a good is produced but not sold, it is included in GDP.
Gross domestic product (measured in real dollars) is an important social tool because it provides
What will be an ideal response?
The labor force participation rate among both men and women 25 to 54 ________ from 2000 to today.
A. rose dramatically B. fell (particularly for men) C. stayed relatively constant D. rapidly vacillated