A perfectly competitive firm in a competitive labor market will hire more labor whenever
A) its average revenue product of labor exceeds the wage rate.
B) the wage rate exceeds its average revenue product of labor.
C) its value of marginal product of labor exceeds the wage rate.
D) the wage rate exceeds its value of marginal product of labor.
C
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Suppose Japanese real interest rates fall. Typically, we should expect a ____________ shift of the U.S. AD curve with a ___________________ shift in United States real interest rates
A) rightward; larger B) rightward; smaller C) leftward; larger D) leftward; smaller
Local telephone service was once an area in which consumers had no choices. Many young people no longer use "land lines," preferring instead to use their cellular phones. This means that the market has moved toward
A. perfect competition. B. monopoly. C. monopsony. D. oligopoly.