The equilibrium wage rate is $10 per hour, and the labor hired at that wage is 100 . If the wage rate rises to $11, market forces will push the wage rate further up

Prices that maximize the public interest will always allow reasonable profits for firms

a. True b. False Indicate whether the statement is true or false

In the broadest sense, economics is the study of

a. production methods. b. how society manages its scarce resources. c. how households decide who performs which tasks. d. the interaction of business and government.