« previous next »

Author Question: What must be true in a perfectly competitive equilibrium? a. the marginal product of labor is ... (Read 47 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?

Adults are resistant to the bacterium that causes Botulism. These bacteria thrive in honey – therefore, honey should never be given to infants since their immune systems are not yet resistant.

Did you know?

When intravenous medications are involved in adverse drug events, their harmful effects may occur more rapidly, and be more severe than errors with oral medications. This is due to the direct administration into the bloodstream.

Did you know?

Certain topical medications such as clotrimazole and betamethasone are not approved for use in children younger than 12 years of age. They must be used very cautiously, as directed by a doctor, to treat any child. Children have a much greater response to topical steroid medications.

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Did you know?

Carbamazepine can interfere with the results of home pregnancy tests. If you are taking carbamazepine, do not try to test for pregnancy at home.

The stages of labor and delivery. (A) During the dilation stage the cervix thins and dilates to 10 c The stages of labor and delivery. (A) During the dilation stage the cervix thins and dilates to 10 c
Marginal Supply - Demand Curve Marginal Supply - Demand Curve
Labor Labor
To find the derivative use product rule To find the derivative use product rule
What will be the pH of the solution once equilibrium is established? What will be the pH of the solution once equilibrium is established?
Write equilibrium constant expressions for the following reactions in terms of concentration: Write equilibrium constant expressions for the following reactions in terms of concentration:
Video: Calvin Cycle Explained!

For a complete list of videos, visit our video library