If the market were perfectly competitive instead of dominated by a monopsonist, what would the equilibrium wage and level of employment be?

Which of the following predicts that there can be no sustained rise in real GDP per person above the subsistence level?

A) classical growth theory B) neoclassical growth theory C) new growth theory D) None of the above because all predict that there will be a sustained rise above the subsistence level.

The income effect of a wage decrease examines the effect of the decrease in wage income on a worker's ability to purchase goods and services

Indicate whether the statement is true or false