In a perfectly competitive resource market the labor supply curve facing the single firm is
A) vertical.
B) horizontal.
C) downward sloping.
D) upward sloping.
B
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The relationship between unemployment and inflation is
A) nonexistent. B) positive. C) negative. D) None of the above.
Since producers must be compensated for the rising opportunity cost that accompanies increases in output,
a. the law of demand applies to most markets b. supply curves usually slope downward c. demand curves usually slope downward d. supply curves usually slope upward e. technical inefficiency would not exist in the long run
A shift to a more expansionary monetary policy will generally _________ in the short run, but if the rapid monetary expansion persists, the long-run result will be ______.(fill in the blanks.)
a. expand output and employment; inflation b. increase the general level of prices; expand output and employment c. increase the rate of unemployment; reduce the rate of inflation d. reduce the rate of inflation; increase the rate of unemployment
Which of the following are constraints on deposit creation?
a. the decision by consumers and businesses to take money out of transactions accounts and hold it as cash b. the decision by banks to stop lending money to qualified borrowers c. the decision by consumers, businesses, and governments to stop borrowing d. all of the above