The figure above shows a labor market. If there is a monopsony in this labor market, the wage rate is
A) $4 per hour.
B) $6 per hour.
C) $8 per hour.
D) $10 per hour.
A
Economics
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Explaining exchange rate behavior in the long run assumes that changes in price levels and real interest rates affect nominal exchange rates so that interest parity and PPP hold. Short-run deviations from PPP may be explained by an alternative theory called the:
a. relative PPP approach. b. asset approach to exchange rate determination. c. long-run equilibrium approach. d. law of one price.
Economics
When total utility reaches a maximum, then marginal utility is:
A. Increasing B. Decreasing C. At a minimum D. Equal to zero
Economics