The demand curve for labor is also
A) the supply curve for the output labor is used to produce.
B) the demand curve for the output produced with labor since the demand for labor is a derived demand.
C) the marginal product of labor curve.
D) the marginal revenue product of labor curve.
D
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The critical issue of macro instability, when there is no government intervention and no foreign trade, is whether
A. Investment and consumption will exceed disposable income. B. Savings and taxes will be equal. C. spending injections will equal spending leakage at full employment. D. Consumption and savings lead to the ideal interest rate.
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers increased from $8 to $11:
A. total producer surplus would increase to $17. B. total producer surplus would increase to $5. C. total producer surplus would decrease to $1. D. total producer surplus would decrease to $7.