The supply of labor is determined by the:
A. number of workers.
B. opportunity cost of hiring labor.
C. marginal product of labor.
D. All of these statements are true.
A. number of workers.
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A camera manufacturer will sell its cameras only to retailers who agree to buy its brand of film. This is an example of
a. price discrimination b. exclusive dealing c. a tying contract d. interlocking directorates e. a trust
The Coase theorem applies when ______.
a. externalities are increased b. externalities are internalized c. internal costs are externalized d. internal costs are eliminated
If the quantity demanded is infinitely responsive to any change in price, the demand curve is:
A. upward sloping. B. downward sloping. C. horizontal. D. vertical.
An indifference curve
A) must slope downward towards the right. B) is positively sloped. C) is upsloping and is concave to the origin. D) may be upsloping or downsloping, depending on whether the two products are complements or substitutes.