Intermediation entities include which of the following?
(a) Life and fire insurance companies
(b) Stock exchanges
(c) Mutual saving banks
(d) All of the above
(d)
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The above figure illustrates the case of a monopsony in the labor market. If the current wage paid is W1 and new wage legislation is passed that increases the minimum wage in this market to W2, the firm will
A) hire less labor at the higher wage and, according to the law of demand, moving from point D to B. B) hire the same amount of labor as before the law was passed because it cannot adjust to wage changes. C) hire more labor, moving from point C to B. D) pay a higher wage, moving from point C to A.
If the average product of labor equals the marginal product of labor, then
A) the average product of labor is at a maximum. B) the marginal product of labor is at a maximum. C) Both A and B above. D) Neither A nor B above.