What is the relationship between an individual worker's labor supply and the market labor supply?
a. Market labor supply reflects the vertical summation of the opportunity cost for each worker supplying labor in the labor market at a given market quantity.
b. Market labor supply reflects the vertical summation of the wage rates for each worker supplying labor in the labor market at a given market quantity.
c. Market labor supply reflects the horizontal summation of the quantities of labor supplied by each worker supplying labor in the labor market at a given wage rate.
d. Market labor supply is the horizontal summation of the wage rates for each worker supplying labor in the labor market at a given market quantity.
c
You might also like to view...
In the above figure, the line labeled "MRPL" also represents the firm's
A) supply curve. B) marginal physical product curve. C) total physical product curve. D) demand curve.
Appreciation is the term used to describe
a. the conversion of one currency into another currency in the free market b. a reduction in the official value of a currency. c. the upward movement of currencies in a free market. d. an increase in the official value of a currency.
While waiting in line to buy one cheeseburger for $1.50 and a medium drink for $1.00, Sally notices that she could get a value meal that contains both the cheeseburger and medium drink and also a medium order of fries for $2.75 . She thinks to herself, "Is it worth the extra 25 cents to get the medium fries?" To an economist, Sally's decision is an example of
a. marginal decision making. b. basing decisions on total, rather than marginal, value. c. an unintended consequence. d. the fallacy of composition.
Spending VCU4 on real-world goods and services causes the nation's:
a. Demand for real goods and services to remain the same and monetary base to rise. b. Demand for real goods and services to rise and M2 money supply to rise. c. Demand for real goods and services to rise and M2 money multiplier to remain the same. d. Demand for real goods and services to remain the same and M2 money supply to rise.