If the nominal wage increases by less than the price

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11. If the nominal wage increases by less than the price level, the real wage: A. will increase. B. will decrease. C. may either increase or decrease. D. will diverge from labor productivity growth. 12. If the nominal wage rises by 4 percent, and the price level rises by 7 percent, the real wage will: 13. If the nominal wage rises by 6 percent, and the price level falls by 2 percent, the real wage will: 14. Long-run real wages in the United States have: 15. Since 1960, real hourly compensation in the United States has approximately: A. remained the same. B. risen by 40 percent. C. doubled. D. tripled. 16. Marginal revenue product (MRP) of labor refers to the: 17. Marginal resource cost refers to the:
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18. If a firm is hiring a certain type of labor under purely competitive conditions:
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