If the growth rate of multifactor productivity is 2.5, and b = 0.25, k = 4, n = 2, and y = 5, then the growth rate of labor productivity is

Suppose capital and labor must be used in fixed proportions to produce widgets and that the price elasticity of demand for widgets is zero. Then the wage elasticity of demand for labor by widget makers will be:

a. +1. b. -1. c. 0. d. infinite.

In the long run, entry and exit in a perfectly competitive market will drive the price to the point where the: a. marginal cost curve intersects the average total cost curve at its minimum

b. marginal cost curve intersects the marginal revenue curve. c. marginal cost curve intersects the average variable cost curve at the shutdown point. d. marginal cost curve intersects the market demand curve.