An equilibrium in the labor market is a situation in which:
A. there is no pressure for wages to change.
B. there is no unemployment.
C. wages exceed minimum wage.
D. marginal revenue product equals the wage.
Answer: A
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If in the economy, business saving equals $240 billion, household saving equals $15 billion and government saving equals -$150 billion, what is the value of national saving?
A. $415 billion B. $105 billion C. $265 billion D. $250 billion
Refer to Figure 4-4. What is the value of consumer surplus at the equilibrium price of $15?
A) $60 B) $120 C) $180 D) $240
Regulatory capture is where
A) governments take over monopolies through use of regulation. B) firms impose barriers to entry on regulators. C) regulators of an industry look out for the industry instead of society. D) the government taxes the profits of monopolies such that all producer surplus goes to the government.
A monopolistically competitive firm is producing an output level at which marginal revenue is less than marginal cost. This firm should __________ quantity and __________ price to increase profit or reduce losses
a. increase, increase b. increase; decrease c. decrease; increase d. decrease; decrease e. increase; not change