If a large group of people are willing to enter the labor market when wages rise, the market labor supply will be highly elastic even if individuals' supply curves are inelastic.
Answer the following statement true (T) or false (F)
True
This is the case because an increase in wages causes many new workers to enter the labor market, and so the increase in quantity of labor supplied is substantial.
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Moral hazard occurs ________ an agreement is made and when monitoring the parties to the agreement is ________
A) before; easy B) before; costly C) after; easy D) after; costly
External benefits are those that accrue:
A. indirectly to the decision maker of a market exchange. B. to the government without its direct intervention. C. without compensation to someone other than the person who caused it. D. directly to the decision maker of a market exchange.
The value of exports minus the value of imports in a period is called the:
A. trade balance. B. trade gap. C. international equilibrium. D. budget balance.
Economists observed the following growth rates in the fourth quarter of 1995: real GDP = 2.8 percent; M1 = 7.8 percent; GDP deflator = 2.2 percent. Given this data, the growth of nominal GDP was approximately
A. 12.8 percent. B. 10.0 percent. C. 5.6 percent. D. 5.0 percent. E. 0.6 percent.