Absent government interference, the wage rate for labor in a competitive market is established
A) solely by the firm's demand for labor.
B) solely by the market supply of labor.
C) by both the demand for and supply of labor at each individual firm.
D) by the the market supply and market demand for labor.
D) by the market supply and market demand for labor
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The university you attend needs to increase total revenue. The president suggests that by raising tuition by 5%, total revenue will increase. However, after the tuition increase, total revenue actually fell
What can you infer about the price elasticity of demand for an education at your university? Why is this likely to be true? What did your university president assume to be true about the price elasticity of demand for an education at your university?
Most statistical studies on the relationship between real interest rates and saving conclude that higher real interest rates
a. increase saving. b. tend to decrease saving. c. tend to decrease both consumption and saving. d. have no effect on saving.