The learning curve is the relationship between
A) returns to scale and cumulative costs.
B) marginal costs and current output.
C) marginal product of labor and current output.
D) average costs and cumulative output.
D
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The real wage rate will fall if the
A) labor supply curve shifts rightward and the labor demand curve does not shift. B) labor supply curve shifts leftward and the labor demand curve does not shift. C) labor demand curve shifts rightward and the labor supply curve does not shift. D) labor demand curve shifts rightward more than the labor supply curve shifts rightward.
Which of the following occurred following the failure of the Bank of the United States in 1930?
A) Interest rates on low-grade corporate bonds rose relative to high-rated corporate bonds. B) Other banks in New York City suffered liquidity problems. C) A bank panic ensued within days. D) The stock market crashed.