In the Keynesian model, the full-employment level of output is the amount of output produced when
A) the quantity of labor demanded equals the quantity of labor supplied.
B) the market wage exceeds the efficiency wage.
C) labor is paid an efficiency wage, and the real wage equals the marginal product of labor.
D) the real wage exceeds the nominal wage.
C
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What is the 4-firm concentration ratio of an industry with 25 firms each having an equal market share?
a. .16. b. .24. c. .20. d. .12.
First-price auctions have all the following properties EXCEPT
a. Highest bid wins b. Highest bidder pays the second highest bid c. The good is assigned to the highest bidder d. The price is set to the highest bid
A PPF will not shift because of an increase in
a. the stability of the rules of the game b. capital stock c. resource availability d. unemployment e. technological change
When economists study the behavior of sellers, they are studying:
A) supply. B) the role of government. C) demand. D) accounting.