The table above shows the total product schedule for Rick's Lawn Service, a yard care company. When the ________ worker is hired, the average product of labor ________ the marginal product of labor

Suppose laid-off workers and other qualified unemployed workers offer to work for less than the wages being paid existing employed workers, but employers do not hire these workers for fear that existing workers will refuse to cooperate with them. This

situation best describes the: A. efficiency wage theory. B. theory of compensating wage differentials. C. insider-outsider theory. D. rational expectations theory.

Market equilibrium: i. can never occur because there are always people who want a good but cannot afford it. ii. occurs at the intersection of the supply and demand curves. iii. is the point where the price equals the quantity.

A) ii only B) iii only C) ii and iii D) i only E) i and ii