The purely competitive employer of resource A will maximize the profits from A by equating the
A. price of A with the MRC of A.
B. marginal productivity of A with the price of A.
C. price of A with the MRP of A.
D. marginal productivity of A with the MRC of A.
Answer: C
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If on-the-job working conditions have improved over time,
a. real GDP will understate the growth rate of real income. b. real GDP will overstate the growth rate of real income. c. the GDP deflator will overestimate inflation. d. real GDP will overstate the growth rate of real income, and the GDP deflator will understate inflation.
Most of the women with children on welfare are
A. "Welfare Queens". B. either working, looking for work, or being trained for work. C. having one baby after another. D. enjoying a fairly high standard of living.
A binding minimum wage is a type of:
a. quota. b. price floor. c. price ceiling. d. tax incidence.