Full employment to the classical school means that all workers
a. in the labor market are employed
b. at any given wage rate are or will be employed
c. who work at the equilibrium wage rate would not have been willing to work for less or more
d. who are willing to work at the equilibrium wage rate are employed
e. who are in the labor force are employed all the time
D
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Refer to Scenario 1-4. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 500 cigars?
A) sales revenue B) gross earnings C) gross profit D) marginal revenue
The number of highly skilled and knowledge workers entering the workforce increases when
(a) firms substitute capital for high priced labor. (b) the market demands labor with advanced degrees. (c) the government cuts educational funding. (d) All of the above