Which of the following statements is true?
A) The relationship between labor demand and wage rate and the relationship between labor supply and wage rate are both positive.
B) The relationship between labor demand and wage rate and the relationship between labor supply and wage rate are both negative.
C) The relationship between labor demand and wage rate is positive, whereas the relationship between labor supply and wage rate is negative.
D) The relationship between labor demand and wage rate is negative, whereas the relationship between labor supply and wage rate is positive.
D
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Assume that an individual consumes only coffee and bagels and that the last cup of coffee yields 12 utils and the last bagel 6 utils. If the price of a cup of coffee is $1 and the price of the bagel is $.50, we can conclude that the:
a. consumer should consume more coffee and fewer bagels. b. price of coffee is too high relative to bagels. c. consumer should consume less coffee and more bagels. d. consumer is in equilibrium.
Which of the following would be considered an implicit cost of operating a business?
A) shipping expenses B) Social Security contributions for employees C) the resale value of delivery vans the company owns and uses for its deliveries D) interest payments on a loan