Suppose the labor market is in equilibrium. Which of the following statements is false?
A) The equilibrium wage rate is equal to the marginal revenue product of labor.
B) Some workers will earn more than the equilibrium wage.
C) At the equilibrium wage, the demand for labor is equal to the supply of labor.
D) At the equilibrium wage, the quantity of labor demanded equals the quantity of labor supplied.
C
Economics
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Refer to the table above. If the price level is 120, then the aggregate quantity demanded is ________ than the aggregate quantity supplied and the price level ________
A) greater; rises B) greater; falls C) less; rises D) less; falls E) less; might fall, rise or not change depending on whether real GDP is more than, less than, or equal to potential GDP.
Economics
Describe the characteristics of an oligopoly
What will be an ideal response?
Economics