« previous next »

Author Question: What must be true in a perfectly competitive equilibrium? a. the marginal product of labor is ... (Read 51 times)

justinmsk

  • Hero Member
  • *****
  • Posts: 524
on: Jun 30, 2018
What must be true in a perfectly competitive equilibrium?
 
  a. the marginal product of labor is equal to the real wage for every unit of labor.
  b. the marginal product of labor is equal to the money wage for the last unit of labor.
  c. the marginal product of labor can be less than the real wage for some units of labor.
  d. the marginal product of labor can be greater than the price level for some units of labor.
  e. the marginal product of labor only has to be equal to the real wage for the last unit of labor.

Question 2

The energy source most often used by the earliest factories was
 
  (a) animal power.
  (b) wind power.
  (c) water power.
  (d) steam engines.


stano32

  • Sr. Member
  • ****
  • Posts: 339
Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

(a)


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

Did you know?

Everyone has one nostril that is larger than the other.

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Did you know?

According to the CDC, approximately 31.7% of the U.S. population has high low-density lipoprotein (LDL) or "bad cholesterol" levels.

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

True Forget-Me-Not True Forget-Me-Not
This girl ran four spinning machines in a cotton mill in Whitnel, North Carolina. Only 4 feet, 3 inc This girl ran four spinning machines in a cotton mill in Whitnel, North Carolina. Only 4 feet, 3 inc
North Korea: Labor Issues North Korea: Labor Issues
Effects of competitive inhibition on enzyme kinetics Effects of competitive inhibition on enzyme kinetics
Labor Labor
The Hardy–Weinberg Equilibrium The Hardy–Weinberg Equilibrium
Video: Genetic distance between human groups

For a complete list of videos, visit our video library