The equilibrium price of labor is called:
A. the wage.
B. income, plus benefits.
C. opportunity cost.
D. the leisure trade-off.
A. the wage.
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Like the two world wars, the Korean War (1950–53) produced shortages of resources, labor and output due to large-scale foreign military deployments and demands for the production of war-related goods and services
Indicate whether the statement is true or false
Figure 10-5
?
In Figure 10-5, points which lie on the firm’s short-run supply curve are
A. A, B, C. B. C, D, H. C. F, E, G. D. A, C, H.
Firms operating in a _____ market sell their products in a market where other firms produce identical products
a. monopoly b. perfect competitive c. monopsony d. duopoly
Suppose that there are two firms, each generating three tons of SO2. Suppose also that the government has set a target abatement level of two tons. Under a policy of uniform abatement with permits, each firm would receive:
A. two non-transferable pollution permits. B. two pollution permits which they could sell to each other. C. one pollution permit with a value equal to that firm's cost of abating one ton of SO2. D. one pollution permit with a value equal to the market price for a pollution permit.