The price elasticity of demand for labor equals
A) the percentage change in the price of labor divided by the percentage change in the supply of labor.
B) the change in the quantity demanded of labor divided by the change in the price of labor.
C) the slope of the demand curve for labor.
D) the percentage change in the quantity demanded of labor divided by the percentage change in the price of labor.
D
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The prisoners' dilemma is an example of
A) product differentiation. B) collusion. C) game theory. D) monopolistic competition. E) decision making in a monopoly.
Bank lending and deposits tend to change as interest rates change. Can the Fed counteract this tendency?
a. Yes, through its ability to affect the money supply. b. Yes, through its ability to change tax levels. c. No, the Fed is forbidden by the Constitution from intervening in the economy. d. No, the Fed almost always follows a passive monetary policy.
The ability to produce a good at a lower opportunity cost than someone else is called
A) competitive production. B) comparative advantage. C) selective advantage. D) absolute advantage.
Behavioral economics attempts to make better predictions about human behavior by combining insights from the following fields, except:
A. Economics B. Biology C. Physics D. Psychology