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The equilibrium of a competitive labor market is associated with
(a) no unemployment as everyone has a job.
(b) no unemployment as everyone who wants a job at the equilibrium wage has one.
(c) no unemployment as labor is assumed to be supplied inelastically.
(d) some unemployment as some people do not have a job at the equilibrium wage.
(e) some unemployment as firms are not required to pay the minimum wage.
Illustrate what technologies are utilized. Describe the competitive environment within the industry. Is there a dominant firm.
Suppose there is a policy debate regarding the United States’ imposing trade restrictions on imported tires: A political pundit argues that the government should impose a tariff on tires because they are a necessary input into the production of vario..
Suppose two countries, A and B, with the same production function Y = K? L 1?? . The value of ? is 0.30, the growth rate of population is 2% and the depreciation rate is 5%. Compare both economies to the Golden Rule.
Four years after the $13,500 deposit, half of the accumulated funds is transferred to a fund that pays 8% interest compounded quarterly. How much money will be in each account six years after the transfer?
Mrs. Siegal has two alternative activities to help relieve her backache. In the first, she can visit a physiotherapist. The total time for a physiotherapist visit, including travel and waiting, is two hours. Mrs. Siegal earns a wage of $20 an hour. ..
N firms compete in a perfectly competitive industry. Market demand Q, for a good is given by Q=3000-50P, where P is the market price. For each firm I, the long run total cost function , C(qi) is: What is the long-run supply curve for an individual f..
You are a self-employed profit-maximization consultant specializing in monopolies. Five single-price, profit-maximizing monopolies are currently seeking your advice, and although the information they have supplied to you is incomplete, your expert kn..
Utilize the sticky-income theory of cumulative provide to explain illustrate what will take place to o/p also the price level play in this adjustment
Which of the following is a macroeconomic factor that contributed to the financial crisis in 2007? Global saving and investment imbalances Financial market innovation Deeper levels of integration across financial markets Challenges and failures in fi..
The filling variance for boxes of cereal is designed to be .02 or less. A sample of 41 boxes of cereal shows a sample standard deviation of .16 ounces. Use ? = .05 to determine whether the variance in the cereal box fillings is exceeding the design s..
In a two–player, one shot simultaneous – move game each player can choose strategy A or strategy B. If both players choose strategy A, each earns a payoff of $500. If both players choose strategy B, each earns a payoff of $100. If player one chooses ..
Mallory consumes a bundle of candy and cookies, spending all of her income. The price of candy is $1 and the price of a cookie is $0.50. At her current bundle, the marginal utility of the next bar of candy she could purchase is 12 utils and the margi..
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