If the supply curve of labor shifts to the left, we know for certain that
a. technology has improved
b. a higher wage rate must be offered to employ the same number of workers that were employed before the shift in the curve occurred
c. any quantity of workers can be hired at the same wage
d. the MRP has decreased
e. the MRP has increased
B
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Private costs
A) are borne by the producers of a good or service while social costs are borne by government. B) are borne by consumers of a good while social costs are borne by government. C) are borne by producers of a good while social costs are borne by those who cannot afford to purchase the good. D) are borne by producers of a good while social costs are borne by society at large.
If consumption is defined as C = 2,400 + 0.9Y, then the marginal propensity to consume is 0.9
Indicate whether the statement is true or false
Suppose the real wage of a worker remains unchanged between Year 1 and Year 2 but the nominal wage decreases from $20 in Year 1 to $18 in Year 2. This implies that the price level has _____
Fill in the blank(s) with the appropriate word(s).
The value of the best alternative sacrificed to obtain something you want is referred to as
A) explicit cost. B) opportunity cost. C) accounting cost. D) tangible cost.