« previous next »

Author Question: What must be true in a perfectly competitive equilibrium? a. the marginal product of labor is ... (Read 18 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?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

Did you know?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Did you know?

Cucumber slices relieve headaches by tightening blood vessels, reducing blood flow to the area, and relieving pressure.

True Forget-Me-Not True Forget-Me-Not
Competitive enzyme immunoassay. (a) Shows the uninhibited reaction and (b) shows the inhibited ... Competitive enzyme immunoassay. (a) Shows the uninhibited reaction and (b) shows the inhibited ...
A substrate and its competitive inhibitor A substrate and its competitive inhibitor
Marginal Products of Physical and Human Capital Marginal Products of Physical and Human Capital
A Production Function with Diminishing Marginal Product of Capital A Production Function with Diminishing Marginal Product of Capital
Video: Simple Diffusion - gases and nonpolar compounds transport

For a complete list of videos, visit our video library