The question of how much labor a firm will hire comes down to:
A. whether added workers are going to generate more revenue than what it costs to hire them.
B. if the added workers are going to add revenues to the firm.
C. whether the value of the marginal product is greater than, less than, or equal to the average total cost.
D. the healthcare costs they incur by hiring them.
A. whether added workers are going to generate more revenue than what it costs to hire them.
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Which of the following does the long-run Phillips curve tell us?
a. That the Fed can select any rate of unemployment it wants in the long run b. That the Fed can select any rate of inflation and unemployment rate it wants in the long run c. That the Fed can select neither the rate of inflation nor the rate of unemployment in the long run d. That there is a tradeoff between the rate of inflation and the rate of unemployment in the long run e. That the Fed can select any rate of inflation it wants in the long run
If there are 100 identical firms in a perfectly competitive industry, and the typical firm supplies 50 units of output at a price of $30, the industry output is 5,000 units at a price of $30.
Answer the following statement true (T) or false (F)