If the demand for labor is unchanged, an increase in the supply of labor will lead to
A) a decrease in the quantity of labor demanded and a decrease in the equilibrium wage.
B) a decrease in the quantity of labor demanded and an increase in the equilibrium wage.
C) an increase in the quantity of labor demanded and an increase in the equilibrium wage.
D) an increase in the quantity of labor demanded and a decrease in the equilibrium wage.
D
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Assume that you observe the long-run average cost curve of ACME Bookstores, a national chain
Starting from the point on the curve where output is zero and moving to the right, which of the following lists the behavior of long-run average costs in the correct sequence (that is, which will be observed first, second, etc.)? A) economies of scale; constant returns to scale; diseconomies of scale; minimum efficient scale B) economies of scale; minimum efficient scale; constant returns to scale; diseconomies of scale C) minimum efficient scale; economies of scale; constant returns to scale; diseconomies of scale D) constant returns to scale; economies of scale; minimum efficient scale; diseconomies of scale
Suppose we know the following about a lawn repair business: wages $15,000, profits $4,000, tax $ 3,000, parts $ 9,000. What is the contribution to GDP of this business using the product approach?
A) $31,000. B) $27,000. C) $26,000. D) $22,000.
The equality-of-sacrifice doctrine of taxation is based on the
a. increasing marginal utility of income. b. increasing marginal utility of government transfer payments. c. diminishing marginal utility of income. d. diminishing marginal utility of government transfer payments.
A commitment problem exists when people cannot achieve their goals because:
A. they do not have the first-mover advantage in a sequential move game. B. they cannot play their dominant strategy. C. the payoff matrix is unknown. D. they cannot make credible threats or promises.