Of the total income earned in the U.S. economy, approximately
a. 33 percent is earned by workers, and 67 percent is earned by landowners.
b. 50 percent is earned by workers, 25 percent is earned by landowners, and 25 percent is earned by owners of capital.
c. 67 percent is earned by workers, and 33 percent is earned by owners of land and capital.
d. 90 percent is earned by workers, and 10 percent is earned by owners of land and capital.
c
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The table above gives information about the labor market in Lantis, a community in which the labor market is perfectly competitive
If the demand for labor decreases by 200 hours per day, the equilibrium wage rate falls to ________ an hour and the quantity of labor employed ________ hours per day. A) $10; remains at 400 B) $10; decreases to 300 C) $20; increases to 400 D) $5; remains at 200
When marginal revenue is zero:
A. total revenue is maximized. B. elasticity of demand is zero. C. total cost is minimized. D. profit is maximized.