To maximize its profit, a firm will hire more workers as long as
A) marginal revenue exceeds the wage rate.
B) marginal revenue is less than the wage rate.
C) value of marginal product exceeds the wage rate.
D) marginal product exceeds the wage rate.
C
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Which of the following decreases aggregate demand and shifts the AD curve leftward?
A) a tax cut B) an increase in quantity of money C) an interest rate hike D) a decrease in potential GDP E) an increase in government expenditures on goods and services
What are the four types of industry structures? Compare and contrast them with the number of firms in the industry, whether firms produce homogeneous or heterogeneous products, whether there are economic profits in long-run equilibrium, and how frequently the model appears in the real world.
What will be an ideal response?
A major impact of the transatlantic telegraph was
A) a reduction in time required to complete a financial transaction between New York and London B) an increase in labor flows across the Atlantic. C) a decrease in trade barriers between the United States and Europe. D) an increase in trade conflicts between the United States and Europe. E) that nations abandoned the gold standard.
Price elasticity of demand is lower for goods with few close substitutes.
Answer the following statement true (T) or false (F)