The term human capital refers to
A) labor resources used to make capital equipment.
B) buildings and machinery.
C) people's knowledge and skill.
D) entrepreneurship and risk-taking.
C
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The Fed has recently paid interest on the required and excess reserves that banks hold
Indicate whether the statement is true or false
The figure supports all of the following statements regarding the marginal factor cost curve for a monopsonist EXCEPT
A) the monopsonist firm looks at a marginal cost curve, MFC, which slopes upward and is above its labor supply curve. B) the marginal benefit of hiring additional workers is given by the firm's MRP curve. C) the intersection of MFC with MRP, at point E, determines the number of workers hired. D) a monopsonist cannot find the profit-maximizing quantity of labor demanded at E.