If MRP > MLC, the firm
a. is employing the optimal quantity of labor
b. should decrease the quantity of labor it employs
c. should lower the wage rate
d. should increase the quantity of labor it employs
e. should raise the wage rate
D
You might also like to view...
A stable monetary policy is essential for the control of ______, efficient allocation of _____, and achievement of ______ ______
Fill in the blank(s) with the appropriate word(s).
Which panel of Figure 3.3 represents the changes in the market for student housing when university enrollment increases and at the same time the university destroys several older residence halls and apartment buildings?
A. A. B. B. C. C. D. D.
Price discrimination occurs when
A. Sellers charge two separate prices for the same product to separate consumers. B. Minorities pay a higher price for a product than everyone else. C. Sellers charge one price to all consumers but not wholesalers. D. Sellers charge a higher price than is reasonable.
When economists use the term "correlation," they are referring to
A) normative economics. B) positive economics. C) cause and effect relationships between variables. D) economic policy. E) how two variables move together in a predictable way.