In competitive markets, the elasticity of labor supply is:
a. unrelated to time.
b. inversely proportional to time elapsed since a wage change.
c. unity.
d. directly proportional to time elapsed since a wage change.
D
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Refer to the production possibilities frontier in the figure above. Suppose a country is producing at point a. A movement to point ________ means that the country ________
A) d; must give up 20 million capital goods B) e; is not operating efficiently C) d; gives up 10 million consumer goods D) b; is producing at an inefficient point
According to the Bureau of Labor Statistics' survey, which category represents the largest expense for the typical urban family?
a. Housing. b. Food and beverages. c. Transportation. d. Medical care.
A point outside the budget line is unaffordable to the consumer.
a. true b. false
How does the fact that asset prices and expected rates of return are inversely related cause asset risk and expected rates of return to be positively related?
What will be an ideal response?