Question: 1 A cobweb model of a labor market explains why: A. Workers accurately predict future wages B. Wages and employment levels experience systematic changes (both good and bad) as the market slowly approaches equilibrium C. Wages vary substantially across different industries and occupations as well as over time D. College graduates earn more than high school graduates
Question: 1
A cobweb model of a labor market explains why:
A. Workers accurately predict future wages
B. Wages and employment levels experience systematic changes (both good and bad) as the market slowly approaches equilibrium
C. Wages vary substantially across different industries and occupations as well as over time
D. College graduates earn more than high school graduates
Question: 2
Refer to the following table:
Labor Output Price
0 |0 |$7.00 |
1 | 15 | $7.00 |
2 | 29 | $7.00 |
3 | 42 | $7.00 |
4 | 54 | $7.00 |
5 | 66 | $7.00 |
6 | 76 | $7.00 |
Assume that the labor market is
a. $117
b. $84
c. $378
d. $12
Question: 3
At any capital-labor combination, the
a. the slope of the isoquant
b. the average product of labor relative to the average product of capital
c. the wage relative to the cost of capital
d. the slope of the indifference curve
e. the ration of labor to capital
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