An industry's equilibrium wage rate is established
A. by the intersection of the industry supply and demand curves for labor.
B. by the Labor Department and based on the cost of living in the area.
C. by the slope of the industry demand curve for labor alone.
D. by the industry supply curve for labor alone.
Answer: A
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Compared to a perfectly competitive firm, a monopolist
A. is less likely to advertise. B. will, according to Schumpeter, invest fewer resources in research and development. C. usually produces an inefficiently small level of output. D. is less likely to face government regulation.
What does gross private domestic investment include?
a. Business purchases of capital goods, all new construction, and purchases of consumer durable goods. b. Business purchases of capital goods, all new construction, and inventory investment. c. Business purchases of capital goods, all new commercial construction, and inventory investment. d. Business purchases of capital goods, all new residential construction, and inventory investment. e. Business purchases of all types of durable goods, all new construction, and inventory investment.
People's skepticism about central bankers' announcements of their intentions stems from the fact that policymakers may act in a fashion that is time inconsistent
a. True b. False Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. Happiness decreases with higher income. 2. Most economists believe countries should vigorously pursue policies of income redistribution for equality. 3. Total equality of family income would hurt people with small families the most. 4. Women now comprise more than half of the labor force. 5. Wage disparities between white and black workers are attributed solely to racism by most economists.