When the price of the good or service it produces rises, the firm's
A) demand for labor curve shifts rightward.
B) demand for labor curve shifts leftward.
C) demand for labor curve remains unchanged.
D) output decreases.
A
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Suppose the University of Oklahoma increases the price of student football tickets for the 2012 season by 30 percent. If the price elasticity of demand for student tickets is 1.22, the price increase leads to
A) a 36.6 percent decrease in the quantity demanded. B) a 30 percent decrease in the quantity demanded. C) a 1.22 percent decrease in the quantity demanded. D) a 28.78 percent decrease in the quantity demanded. E) no change in the quantity demanded.
The role of prices in a market economy is to
a. make producers rich at the expense of consumers b. replicate what society produced in the past c. determine the allocation of resources d. enforce what the government chooses e. force consumers to pay for business profits
Which of the following scenarios is consistent with typical estimates of the sacrifice ratio?
a. Inflation is reduced from 4 percent to 1 percent, and annual output falls by 10 percent. b. Inflation is reduced from 6 percent to 4 percent, and annual output falls by 10 percent. c. Inflation is reduced from 8 percent to 5 percent, and annual output falls by 9 percent. d. Inflation is reduced from 3 percent to 2 percent, and annual output falls by 3 percent.
Which statement is false?
A. The minimum wage has NOT kept up with the rate of inflation. B. The average real hourly earnings fell steadily from 1973 to 1993. C. Workers with some high school education make about the same average annual earnings as those with high school diplomas. D. It is harder for a middle class student to get a college degree because since 1979, the cost of going to college has gone up twice as fast as the rate of inflation.