The marginal revenue product curve shifts when
A) wages fall.
B) there is a change in the product price workers are producing.
C) wages rise.
D) the wages paid exceed the price.
B
Economics
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If a forecast is made using all available information, then economists say that the expectation formation is
A) rational. B) irrational. C) adaptive. D) reasonable.
Economics
Suppose a union successfully negotiates a wage rate for its members that is above the competitive wage rate, then
A) employment in the union sector will increase. B) the union must find a way to make union workers more productive. C) the union must also negotiate a fringe-benefit package that the membership will like. D) the union must find a way to ration jobs among the excessive number of workers who wish to work at the negotiated wage.
Economics