When hiring additional workers, a firm operating in a perfectly competitive labor market will
A) have to offer higher wages to hire additional workers, but the old workers do not get the higher wage.
B) have to offer higher wages to hire additional workers, and the old workers will also receive the new, higher wage.
C) be able to hire additional workers without offering higher wages.
D) be able to hire additional workers at lower wages because the new workers have been unemployed.
C
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A higher desired level of capital and investment will result from ________
A) a decrease in productivity B) a fall in expected future output C) a depressed economy D) a booming economy
A rationing device is a method used to resolve who gets what of available goods and resources
Indicate whether the statement is true or false
Four main arguments have been made for trade protection: (1) the ______ argument; (2) the _______ argument; (3) the ________ argument; and (4) the ________ argument.
Fill in the blank(s) with the appropriate word(s).
A geometric representation of the distribution of income is referred to as
A) the labor supply curve. B) the Lorenz curve. C) the Phillips curve. D) the Keynesian cross.