Of the four models of the business cycle, which model's implication concerning the change in real wages during recessions is consistent with actual observed changes in real wages during recessions?
A) the Real Business Cycle theory
B) the Friedman-Phelps-Lucas Model
C) the Keynesian Model
D) None of the above.
A
Economics
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Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The marginal cost of the 5th T-shirt is
A) 2. B) 10. C) 12. D) 60.
Economics
If Tie-Dyed T-Shirts is currently employing labor so that the wage is less than the marginal revenue product of labor, it must also be true that
A. the price of the product must be greater than marginal cost. B. total revenues would be greater than total costs. C. the price of the product must be less than marginal cost. D. the wage is greater than marginal cost.
Economics