Based on our understanding of the labor market model presented in Chapter 6, we know that a reduction in the markup will cause
A) an increase in the equilibrium real wage.
B) a reduction in the equilibrium real wage.
C) an increase in the natural rate of unemployment.
D) a reduction in the natural rate of unemployment and no change in the real wage.
A
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According to the text, government spending accounts for about ________ percent of all U.S. health care expenditures
A) 70 B) 10 C) 30 D) 40
If a firm equates MR and MC, then:
A. TR is at a maximum, and TC is at a minimum. B. output is at a maximum. C. both TR and TC are at a maximum. D. profits are at a maximum or losses are at a minimum.
Any change in the economy that reduces desired national saving for a given value of the real interest rate will shift the desired national saving curve to
A. the right and decrease the real interest rate. B. the left and increase the real interest rate. C. the left and decrease the real interest rate. D. the right and increase the real interest rate.
In Polynomia, real GDP increased by 8% and the population increased by 3% in 2018.. In 2018, Polynomia experienced
A. an economic decline. B. economic growth and an increase in living standards. C. no economic growth, but an increase in living standards. D. economic growth, but not an increase in living standards.