When a firm can hire all the labor it wants at the competitive market wage, the marginal labor cost is equal to the
a. price of the output
b. total cost of labor
c. marginal physical product of labor
d. wage rate
e. change in labor employed
D
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Hospitals announce that there are not enough nurses available to keep them fully staffed. Economically speaking, what does this announcement mean?
A) The market wage for trained nurses is currently above the equilibrium wage. B) There is currently a surplus of nurses in this market. C) The market wage for nurses will eventually rise to the market clearing wage. D) The market will adjust very rapidly to correct this imbalance because anyone can be a nurse without any training.
A stock market
a. guarantees that a seller of a stock will get the price at which the stock was purchased. b. is used only to sell new stock issues from corporations and not to transfer existing stocks. c. is used only to sell stocks, not to buy stocks. d. gives an individual a chance to invest in stocks without committing funds for long periods of time.
During the 1965-2009 period, the price index of healthcare services
a. declined slightly relative to the overall consumer price index. b. fell by approximately 50 percent compared to the overall consumer price index. c. increased at twice the rate of the overall consumer price index. d. rose during a brief period following the passage of Medicare and Medicaid but has been relatively stable since that time.
In order for spot checks to be effective, they must be:
A. rarely if ever done. B. partaken twice daily. C. performed at regular intervals. D. random in nature.