Relative to 1800, today in the world there are:
A. more people but lower per-capita consumption.
B. more people but the same per-capita consumption.
C. more people and higher per-capita consumption.
D. the same number of people but higher per-capita consumption.
Answer: C
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We showed above that a profit-maximizing firm will hire the number of workers such that the wage is equal to the value of the marginal product of labor
But, as the text showed in an earlier chapter, a profit-maximizing firm will produce the quantity of output such that price equals marginal cost. Are these two rules inconsistent?
Which of the following statements is false?
A) An increase in wage rates causes producers to move up along the SRAS curve. B) An increase in the price level causes producers to move up along the SRAS curve. C) The short-run aggregate supply (SRAS) curve is upward sloping. D) The long-run aggregate supply (LRAS) curve is vertical.