For this section, write whether the statements are True or False or Uncertain (if you say...

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For this section, write whether the statements are True or False or Uncertain (if you say...

For this section, write whether the statements are True or False or Uncertain (if you say uncertain, have enough evidence to back your answer just as much as the true or false responses). Explain your answer and use diagrams where necessary.

(a) If you are the only employer of labor (also known as a monopsonist), in order to attract labor, you only need to raise the wage for the new workers and can leave the older workers' wages unchanged.

(b) The highest yield rate does not always mean the highest present value when choosing to take on a financial project.

(c) While microeconomics is sometimes hard to follow, you can see some of the ideas in microeconomics' influence in the real world.

(d) In order to expand business overseas, understanding different cultures is essential to success of the expansion of your business enterprise.

business economics

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Answer 1

Answer #1

a) False: Under monopsonist, the supply curve of labor is not the same as the marginal costs of labor. It needs to pay the same wages both for new and existing labors

(b) True. Yield rate does not includes capital gains, whereas the present value includes capital gains which could vary overtime.

(c) True, as microeconomics helps to understand the business at individual firms which may vary at a macro level.

d) True. As it helps to understand the intuitions, sentiments of customers

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Answer 2

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