If an excess quantity of labor demanded exists in a free market, there is a tendency for
A) quantity supplied to rise.
B) the wage rate to fall.
C) quantity demanded to fall.
D) the wage rate to rise.
D
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Which of the following is an example of consumer surplus?
A) Jose buys a hamburger for $2 and tells you he would not have paid a penny more. B) John believes the price he paid for his computer was too high. C) Mary buys a paper tablet for $2 and finds the same good at another store for $1.50. D) Sue would have paid $15 for a new compact disc but paid only $10. E) Anne finds a mountain bike for which she is willing to pay a maximum of $550 and the price of the bike is $600.
A learning curve may be expressed as a relationship between the labor per unit (L) and the cumulative number of units produced (N)
Which of the following learning curves exhibits a faster reduction in cost of production due to learning, (1 ) L = 10 + N-1 or (2 ) L = 10 + N-0.5? A) Learning curve (1 ) B) Learning curve (2 ) C) Curves (1 ) and (2 ) exhibit the same rate. D) We cannot determine the rate of cost reduction without knowing the value of N.
The firm's demand for labor curve is its
A) average product of labor curve. B) marginal product of labor curve. C) marginal revenue product of labor curve. D) average revenue product of labor curve.
If all countries produce the goods for which they have comparative advantages, all countries benefit with the increased production of goods with no additional resources being used
a. True b. False Indicate whether the statement is true or false