Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 18, Problem 1CQQ
To determine
The competitive firm hiring labor.
Expert Solution & Answer
Answer to Problem 1CQQ
Option ‘c’ is the correct answer.
Explanation of Solution
Option (c):
The share of
Option (a)
The given amount of share is less than the actual share. Therefore, option ‘a’ is incorrect.
Option (b)
The given amount of share is less than the actual share. Hence, option ‘b’ is incorrect.
Option (d)
The given amount of share is greater than the actual share. Therefore, option ‘d’ is incorrect.
Economics Concept Introduction
Concept introduction:
National income: National income refers to the sum of all the income received within a given period of time.
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Students have asked these similar questions
I have two questions.
1. What are three reasons a worker's wage might be above the level that balances supply and demand?
2. Explain the difference between physical capital and human capital?
What are the likely effects of technological
advancements on the labor market in terms
of employment and wages?
A. Technological advancements lead to
widespread unemployment and lower
wages.
B. Technological advancements create new
jobs but generally at lower wages.
C. Technological advancements eliminate
some jobs but also create new ones, often
with higher wages in newly emerging
sectors.
D. Technological advancements have no
significant effect on employment or wages.
Human capital refers to the accumulated skills and training
that workers possess.
A True
B False
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