The demand for labor is
A. determined by the wage rate.
B. determined by the supply of labor.
C. its marginal revenue product schedule.
D. higher at lower wage rates.
C. its marginal revenue product schedule.
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Peter Piper picks a peck of pickled peppers using 10 units of labor and two pepper-picking machines. The last worker hired picked 100 peppers, and the last machine added 1,000 peppers. If labor can be hired at $5 a pepper picker and machines cost $5,000, what advice do you have for Peter Piper?
What will be an ideal response?
The resource market comprises of households and firms where the firms sell their resources to the households
a. True b. False Indicate whether the statement is true or false
Which is the most accurate statement?
A. The authority to run welfare programs resides mainly in the states. B. The authority to run welfare programs resides mainly in the federal government. C. When the 1996 welfare reform passed, it immediately removed 3 million people from the welfare rolls. D. The welfare reform law of 1996 will virtually abolish welfare by the year 2008.
The tendency to experience losses as more painful than the pleasures that result from gains of the same magnitude is known as:
A. the availability heuristic. B. the present-aim standard of rationality. C. loss aversion. D. regression to the mean.