In a perfectly competitive labor market
a. all firms are wage takers
b. all firms are wage searchers
c. all firms sell their output at a constant price
d. none of the firms that demand labor can be monopolists
e. some firms may be able to influence the wage rate as long as most firms cannot
A
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Lemonade anyone? Raymond decides to set up a lemonade stand every weekend for the next four weeks to save up for the latest x-men comic. He has to pay his brother Robert $10 as a one-time payment for him to not bully Raymond or drive his customers away
The lemons and sugar cost him $10 (the water is free) and his dad offers to set up his stall for him. He ends up making $15 his first weekend. Frank, his father notices this and advises Raymond to shut down the stall since he is making less than he is spending on the stall. What would you advice Raymond to do?
A healthy macroeconomy is characterized by: a. a high inflation rate
b. a high unemployment rate. c. a high standard of living. d. maximum profits for firms.