The curve formed by plotting the value of the marginal product for workers against quantity of labor is:
A. downward sloping.
B. perfectly elastic, for competitive firms.
C. perfectly inelastic.
D. upward sloping.
Answer: A
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An individual firm in a perfectly competitive labor market faces: a. a downward sloping labor demand curve and an upward sloping labor supply curve. b. a horizontal labor supply curve and a vertical labor demand curve
c. a horizontal labor supply curve and a downward sloping labor demand curve. d. an upward sloping labor supply curve and a horizontal labor demand curve.
Without scarcity, people would not have to
a. share b. collaborate c. disagree d. choose e. settle
Which of the following would not be a prediction from economic labor theory regarding the wage of a field hand?
A. Wages would increase as the price of wheat increased. B. Wages would decrease as interest rates rose. C. Wages would increase with the imposition of restrictions on immigration . D. Wages would decrease when the wheat thrasher increased harvesting productivity.
Which of the following is NOT a dimension of delivery that customers care about?
a. Speed b. Cost c. Consistency d. Agility