Other things remaining the same, a ________ in the real interest rate ________ the quantity of saving supplied and ________ the quantity of loanable funds supplied
A) rise; increases; decreases
B) fall; increases; decreases
C) fall; increases; increases
D) fall; decreases; increases
E) rise; increases; increases
E
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In the above figure, the curve labeled MCL is the marginal cost of labor curve and is used in a
A) competitive situation in which individual firms cannot influence the wage rate they must pay. B) competitive situation in which skill differentials create a difference between what a firm must pay labor versus the wage at which households are willing to supply labor. C) monopsony situation in which the firm can influence wages by how much labor it hires, so that the wage rate received by workers is less than the marginal cost of labor. D) monopsony situation in which the firm can influence wages by how much labor it hires, so that the wage rate received by workers is greater than the marginal cost of labor.
If I trade a ginger snap for a chocolate chip cookie, I am engaging in
a. barter b. comparative advantage c. absolute advantage d. privatization e. division of labor