According to the classical model, workers chose a level of labor that equates the
a. real wage and marginal product of labor.
b. nominal wage and marginal product of labor.
c. the marginal utility of consumption and the marginal disutility of lost leisure.
d. the marginal utility of consumption with the real wage.
C
You might also like to view...
The difference between gross public debt and net public debt is that
A) net public debt includes interagency borrowing while the gross domestic product debt does not. B) net public debt is expressed in real terms while gross public debt is expressed in nominal terms. C) gross public debt includes interagency borrowing while net public debt does not. D) gross public debt is held by individuals while net public debt is held by the government.
Economists assume that the goal of the firm is to
a. maximize total revenue b. maximize profits c. minimize costs d. equate total revenue and total cost e. break even in the long run