In which of the following cases is the employment relationship between the employee and the employer likely to resemble a spot market transaction?
a. When hospitals hire clerical staff
b. When a university hires members of faculty
c. When a corporate law firm hires lawyers
d. When unskilled workers are hired on a day-to-day basis for odd jobs
D
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Explain why the shape of the demand curve will determine the how a shock to the market equilibrium affect price and quantity
What will be an ideal response?
Given the production function Q = 21X + 9X2 - X3, where Q = Output, and X = Input
a. At what value of X does Stage II of the production function begin? b. At what value of X does Stage III of the production function begin? c. At what value of X does diminishing returns set in?
Private costs are
A) external costs borne by private firms. B) explicit costs rather than implicit costs. C) costs borne by private members of society rather than governmental bodies. D) costs borne solely by the individuals who incur them.
In a perfectly competitive labor market, no individual firm's employment decision can affect the market wage because
a. union agreements prevent any firm from altering the wage rate b. each firm is ignorant of the market wage rate c. the demand for labor is a derived demand d. each firm hires a very small portion of the labor services available e. the wage rate is regulated by the government