The reason that the supply curve for labor in a purely competitive market slopes upward is because:
A. The wage rate paid to workers falls as more are hired
B. The marginal product of labor falls as output increases
C. Marginal resource cost rises as productivity increases
D. Higher wages must be paid to bid workers away from other opportunities
D. Higher wages must be paid to bid workers away from other opportunities
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Which statement holds true for the period of slavery in U.S. history?
(a) Slavery was a moral institution. (b) The system wasted natural resources. (c) It provided slaveholders with incentives to avoid purchasing farm implements. (d) It developed land and profitably produced agricultural goods for sale in world markets.
What is the total cost, at the level of production where Pastry Paradise is indifferent between which technology is used?
a. $1750 b. $1000 c. $1500 d. $2000