Refer to Figure 14.3. To maximize economic rent, the labor union will agree to wage rate:
A) W0.
B) W1.
C) W2.
D) W3.
E) none of the above
D
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If two firms produce the same product but have different supply curves,
A) this would indicate that some other variable differs across the two firms. B) this would indicate that all variables are the same across the two firms. C) this would indicate that one or both of the firm's managers are misinformed. D) this would indicate a need for government regulation.
An increase in the price of electronic cash registers will
a. increase the demand for cashiers if electronic cash registers are a complementary resource b. reduce the demand for cashiers if electronic cash registers are a complementary resource c. reduce the quantity of electronic cash registers supplied d. reduce the demand for manual cash registers e. reduce the average cost of retail stores
Under the _____ arrangement, the exchange rate is adjusted periodically by small amounts at a fixed, pre-announced rate or in response to certain indicators
a. currency board b. crawling peg c. reserve currency d. conventional fixed peg e. independent float
Explain how the marginal revenue product of labor is affected by the competitiveness of the market for goods that labor produces