Author Question: If a firm faces a labor supply curve that is positively sloped, then the marginal cost of labor ... (Read 106 times)

joe

  • Hero Member
  • *****
  • Posts: 627
If a firm faces a labor supply curve that is positively sloped, then the marginal cost of labor curve
 
  A) equals the wage rate.
  B) equals the minimum wage.
  C) lies above the value of marginal product curve.
  D) lies above the labor supply curve.

Question 2

In an indifference curve/budget line diagram, a consumer will select the combination of goods that is on the budget line and for which the
 
  A) marginal rate of substitution between two goods is equal to the relative price of the two goods.
  B) marginal rate of substitution between two goods is greater than the relative price of the two goods.
  C) slope of the indifference curve is less than the relative price of the two goods.
  D) slope of the indifference curve is greater than the relative price of the two goods.



dpost18

  • Sr. Member
  • ****
  • Posts: 345
Answer to Question 1

D

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Vital signs (blood pressure, temperature, pulse rate, respiration rate) should be taken before any drug administration. Patients should be informed not to use tobacco or caffeine at least 30 minutes before their appointment.

Did you know?

This year, an estimated 1.4 million Americans will have a new or recurrent heart attack.

For a complete list of videos, visit our video library