Producers try to sell goods that are ______.
a. worth more to them than to the purchaser
b. worth an equal amount to them as the asking price
c. worth less to them than the asking price
d. worth more to them than the asking price
c. worth less to them than the asking price
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The smaller the extent of job rationing, the
A) higher the labor supply. B) lower the labor force participation rate. C) lower potential GDP. D) higher the real wage rate. E) lower the unemployment rate.
The market's role is to ensure that nonrenewable resources are allocated across time to where they are most highly valued. This implies, if more is used today then:
a. the future supply curve shifts downward. b. financial investments offer a lower rate of return. c. the return on saving the resource for future use rises. d. the expected demand for the resource in the future is low. e. technological advancement will guarantee a steady future supply.
The marginal product of the 14th worker is 8 and the firm sells its output for $4 per unit. If labor is the only variable cost, then the value of the 14th worker's marginal product is
A. $12. B. $32. C. $4. D. $2.
Consumers do not have a strong preference for the output of one seller over that of another in a perfectly competitive market because:
A. there a large number of firms in the market. B. the firms sell a standardized product. C. there are no barriers to entry. D. an individual firm has control over price.