As long as an additional worker hired by a firm produces
A) more output than the real wage rate, the firm will hire that worker.
B) more output than the real wage rate, the firm will not hire that worker.
C) less output than the real wage rate, the firm will hire that worker.
D) some output, the firm will hire that worker.
E) more output than the nominal wage rate, the firm will hire that worker.
A
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Refer to Figure 9.2. At price 0E and quantity Q*, producer surplus is the area
A) 0ACQ*. B) 0ECQ*. C) 0FCQ*. D) EFC. E) none of the above
When the drug Vioxx was pulled from the market by pharmaceutical company Merck due to its association with heart problems, the demand for other pain medications:
A. decreased, putting upward pressure on their price. B. decreased, putting downward pressure on their price. C. increased, putting downward pressure on their price. D. increased, putting upward pressure on their price.