The ________ of labor in a perfectly competitive labor market is the market wage rate.
A. marginal revenue from a unit
B. marginal cost of a unit
C. supply
D. total cost
Answer: B
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Suppose there are only 2 nations, Atlantis and Pacifica, and only two goods, surfboards and kayaks. If Atlantis produces only surfboards, it can make 27 per day. If Atlantis produces only kayaks, it can make 18 per day
If Pacifica produces only surfboards, it can make 32 per day. If Pacifica produces only kayaks, it can make 24 per day. After trade begins, ________ will specialize in the production of surfboards and ________ will specialize in the production of kayaks. A) Pacifica; Atlantis B) Atlantis; Atlantis C) Atlantis; Pacifica D) No trade will occur.
Which real-world market most closely approximates perfect competition?
a. the stock market b. automobiles c. higher education d. cable television services e. retail clothing stores
Juan works at Texas Burgers in El Paso and earns $8.00 per hour. His twin brother Felipe works in Mexico Burgers in Ciudad Juarez just across the border and earns $3.00 per hour for exactly the same work. An economist looking at this situation sees:
A. an incentive for Felipe to quit and find another job in Mexico. B. an incentive for Felipe to cross the border to get a job and thus reduce the gap. C. evidence that the law of one price has no support in the real world. D. the tendency of the rich to get richer and the poor to get poorer, widening the gap.
The demand curve for high-skilled workers lies to the right of the demand curve for low-skilled workers because of the higher productivity of high-skilled workers
Indicate whether the statement is true or false