Quiz11 chapter11

Macroeconomics plus MyEconLab plus eBook 1-semester Student Access Kit (6th Edition)

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Quiz This activity contains 15 questions. http://w ps.aw .co /aw _abelbern_ma 4215491 false The efficiency wage is the real wage that maximizes profits. clears the labor market. maximizes employment. maximizes labor income. A firm faces the following relationship between the real wage it pays and the effort exerted by its workers: Real wage Effort ( E ) 10 14 14 20 18 27 22 32 26 36 The marginal product of labor for this firm is given by MPN = E (50 - N )/3. The firm will choose to pay a wage equal to 14.
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22. 10. 18. 26. At full employment in the Keynesian efficiency wage model, there is an excess supply of labor. there is no structural or frictional unemployment. there is an excess demand for labor. the real wage is the market-clearing wage. In the efficiency wage model, an increase in labor supply would have no effect on either output or the real wage. increase output but have no effect on the real wage.
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decrease the real wage but have no effect on output. increase output but decrease the real wage.
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Quiz11 chapter11 - Quiz This activity contains 15...

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