If the price of labor increases, the typical perfectly competitive firm in the short run will
A) produce more output.
B) hire less labor.
C) hire the same labor and produce the same output.
D) hire more labor.
B
Economics
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How does microeconomics differ from macroeconomics? Would the supply of iPhones in the United States be studied under microeconomics or macroeconomics? What about the growth rate of total economic output in the national economy?
What will be an ideal response?
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A point to the left of the BP curve would represent
A) a balance of payments deficit. B) a balance of payments surplus. C) internal disequilibrium. D) Both A and C.
Economics