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Author Question: In the DMP model A) the market wage is equal to the marginal product of labor. B) the market ... (Read 48 times)

Mr3Hunna

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on: Jun 30, 2018
In the DMP model
 
  A) the market wage is equal to the marginal product of labor.
  B) the market wage is equal to the marginal rate of substitution of leisure for consumption.
  C) the wage is equal to the marginal rate of transformation.
  D) the wage is determined by bargaining between the firm and the worker.

Question 2

The rate at which a consumer is willing to give up consumption in one period for additional consumption in another is known as ________.
 
  A) the marginal propensity to save
  B) the marginal propensity to consume
  C) the marginal rate of substitution
  D) the average propensity to consume


ryrychapman11

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Reply #1 on: Jun 30, 2018
Answer to Question 1

D

Answer to Question 2

C


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