Question

59. Market equilibrium A market equilibrium is a quantity-price pair in which: A. The government equates the selling and buying price of The price is such that the quantity demanded is equal to the The level of happiness among people is as high as possible. supplied quantity supp A price increase would cause people to want to buy 1 of the good. E. The supply curve and demand curve are equivalent. The Marginal Product of Labor (MPL) is equal to each of the following except for which one A. The difference between 60. Marginal product of labor a firm's rise in revenue and a firm's rise in cost due to a worker working for one more hour. Ye B. What a firm gains from one more worker hour. C. what an individual loses from one more hour of work. D. A firm's rise in net income considering all costs except for labor, due to a rise in one hour of work. E. The function that determines labor demand. A rise in the minimum wage is most likely to do what? B. Raise unemployment among highly skilled people. C61. Minimum wage XA. Raise the demand for computers. Raise unemployment among low skilled people. XD. Raise the demand for houses. XE. Raise the demand for oil and gas products. 62. Labor supply The labor supply curve slopes upward. What does this mean? A. Higher wages cause higher inflation. 乂B. A higher wage rates, firms will wish to employ more people. XC. People always prefer a higher wage to a lower wage. D. At higher wages, workers prefer to work more. At higher wages, firms are less willing to hire workers. 63. Labor market Which of the following will not cause the labor demand schedule to shift up and to the right? A. At each wage, the ability and willingness of firms to hire workers increases. B. Productivity increases C. There is an inflow of workers. D. The capital stock, Kt, rises. E. The marginal product of labor curve shifts up and to the right.

Answer 1