A labor union can increase wages by exercising market power on behalf of workers.
Answer the following statement true (T) or false (F)
True
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Each additional unit of output produced by a unit of labor is valued at the price of the firm's output
a. always. b. when the firm is selling in a competitive market. c. when the firm has monopoly power in the market for its output. d. when the firm has monopsony power in the market for labor.
Answer the next question on the basis of the following data. OutputTotal Cost0$24133241348454561669The average total cost of producing 3 units of output is
A. $14.00. B. $16.00. C. $12.00. D. $13.50.
Ricardian equivalence predicts:
A. that if governments cut taxes but not spending, people will not change their behavior. B. if people perceive current tax cuts to mean higher tax payments in the future, the cuts will have little expansionary effect. C. the consumers need to feel as though they will not have to pay in the future for current spending to make current tax cuts effective expansionary policy. D. All of these are true.
Suppose the Fed decreases the money supply. In response households and firms will ________ short term assets and this will drive ________ interest rates
A) buy; up B) buy; down C) sell; up D) sell; down