In a perfectly competitive labor market, no individual firm's employment decision can affect the market wage because
a. union agreements prevent any firm from altering the wage rate
b. each firm is ignorant of the market wage rate
c. the demand for labor is a derived demand
d. each firm hires a very small portion of the labor services available
e. the wage rate is regulated by the government
D
Economics
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Refer to Figure 12-5. What is the amount of the firm's fixed cost of production?
A) $5,400 B) $6,750 C) $8,100 D) It cannot be determined.
Economics
Firms use two marketing tools to differentiate their products. What are these two tools?
A) market research and demand estimation B) brand management and advertising C) lobbying and word of mouth D) consumer surveys and market experiments
Economics