One of the primary functions of markets could be labeled
a. stimulation.
b. coordination.
c. planification.
d. decentralization.
b
Economics
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An efficiency wage is
A) lower than a living wage. B) unfair to employers. C) a wage rate above the employees' opportunity cost. D) unlikely to be paid when monitoring is available.
Economics
The relationship between the marginal product of labor (MP), the product price (P), and marginal revenue product of labor (MRP) in a perfectly competitive market is
a. MP = P x MRP b. MP = MRP / P c. MRP = P + MP d. MRP = P / MP e. MP = P + MRP
Economics