If the market for labor is perfectly competitive, the wage rate for labor equals:
A) the average cost of hiring labor.
B) the value of the marginal product of labor.
C) the marginal product of the last unit of labor employed.
D) the price of the product that the firm produces using the labor services.
B
You might also like to view...
Suppose there are 100 firms each with a short run total cost of STC = q2 + q + 10, so that marginal cost is MC = 2q +1 . If market demand is given by QD = 1050 ? 50P, how much will the individual firm produce?
a. 3 b. 4 c. 5 d. 6
Suppose United States net exports are -$50 billion. Then the dollar depreciates. In the short run, the United States may move downward along the J-curve, with net exports _________ and the AD curve shifting to the _______________
A) coming closer to zero; left B) coming closer to zero; right C) moving further from zero; left D) moving further from zero; right
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, surplus would do all of the following except:
A. transfer from producer to consumer. B. increase overall. C. decrease for the producer. D. create deadweight loss of CEFG.
Briefly explain the effect of pursuing expansionary policy during a time of full employment.
What will be an ideal response?