A decrease in the marginal factor cost of labor will
A) lead to an decrease in the quantity demanded of labor.
B) induce a firm to hire fewer workers.
C) induce a firm to hire more workers.
D) cause the value of the marginal product of labor to decrease.
C
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Level of economic prosperity
a. standard of living b. privatize c. economic system d. self-interest e. factor payments
When it is impossible to carry out a controlled experiment, economists often turn to a:
A. self-confirming equilibrium. B. precommitment strategy. C. natural experiment. D. irrational behavior.
Suppose a perfectly competitive firm can increase its profits by increasing its output. Then it must be true that the firm's:
a. marginal cost exceeds its marginal revenue. b. price exceeds its average variable cost but is less than average total cost. c. marginal revenue exceeds its marginal cost. d. price exceeds its marginal revenue.
Refer to the information provided in Table 30.2 below to answer the question(s) that follow.
Table 30.2
Refer to Table 30.2. What is the real wage rate in 2017 using 2015 as the base year?
A. $4.21 B. $6.65 C. $7.37 D. $15.20