In a perfectly competitive labor market, the labor supply curve facing the firm will be
A. upward sloping.
B. vertical.
C. horizontal.
D. downward sloping.
Answer: C
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All else equal, if autonomous consumption ________, the value of the multiplier remains constant
A) increases B) decreases C) remains constant D) all of the above
If too little of a good is being produced in the free market, the production of the good is likely to have a(n) ________ externality
A) positive B) negative C) pecuniary D) absolute
The short-run aggregate supply curve is upward sloping because in the short run the
A) money wage rate changes but the price level does not. B) price level changes but the money wage rate does not. C) both the money wage rate and the price level change. D) neither the money wage rate nor the price level can change.
Consider the perfectly competitive firm in the above figure. The shutdown point occurs at a price of
A) $11.00. B) $12.00. C) $16.00. D) $22.00.