The figure above shows a local lawn cutting service's demand for labor curve when the price of cutting an acre of lawn is $50 per acre. If the wage rate rises from $100 per day to $200 per day, the firm's demand for labor curve
A) shifts leftward.
B) shifts rightward.
C) does not shift at all, but the firm moves upward along the curve.
D) None of the above because this change shifts the supply of labor curve.
C
You might also like to view...
When the Treasury bond market becomes more liquid, other things equal, the demand curve for corporate bonds shifts to the ________ and the demand curve for Treasury bonds shifts to the ________
A) right; right B) right; left C) left; right D) left; left
What happened to the so-called Asian tigers in the 1960s and 1970s?
a. They underwent a period in which their economies turned into mild communism. b. The literacy rates of these countries declined in this time period (that is, a smaller percentage of the people could read). c. They all became part of the First World. d. They became the most technologically advanced countries in the world. e. They underwent the process of opening their economies and experienced rapid economic growth.
With a monopoly, the consumer’s surplus is lower than it would be with a perfectly competitive industry.
Answer the following statement true (T) or false (F)
In utilizing unconventional monetary policy in 2009, the Federal Reserve purchased
A. real estate worth more than $2 trillion. B. $800 billion in Treasury bills. C. over $1 trillion in mortgage-backed securities. D. $600 billion in long-term Treasury bonds.