The marginal cost of labor for a perfectly competitive firm is given by:
a. the change in total revenue that results from employing an additional worker.
b. the market wage rate.
c. its marginal revenue product curve.
d. the demand curve for labor.
e. the marginal product of labor.
b
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What kind of elasticity is relevant when you are trying to figure out how a price cut by the burger shop next door will affect the demand for your pizza? Explain
What will be an ideal response?
Nike faces a more__________ demand for its products than a shoe polish producer
a. inelastic b. elastic c. perfectly elastic d. perfectly inelastic
Compensation where the top performer receives much higher rewards than other competitors, even if the others perform at only slightly lower levels, is called
a. round-robin pay. b. tournament pay. c. base pay. d. a compensating differential.
If price falls from $100 to $99 and quantity demanded rises from 2 to 3, the price elasticity of demand is
A. 0.03. B. 1.75. C. 25.7. D. 39.8.