The more elastic the demand for the good labor produces, the less elastic the demand for labor.
Answer the following statement true (T) or false (F)
False
The (derived) demand for labor is more elastic when product demand is more elastic.
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When the government's expenditures exceed its tax revenues, the budget
A) has a deficit and the national debt is increasing. B) has a surplus and the national debt is increasing. C) is balanced and the national debt is increasing. D) has a deficit and the national debt is decreasing. E) None of the above because by law the government's expenditures cannot exceed its tax revenue.
If Sam sells his product for $10 per unit net of costs and just breaks even after transporting it 5 miles to the market, Susan, who lives only 2 miles from the market will
a. experience lower profits b. earn a location rent c. find it profitable to purchase Sam's land d. derive a consumer's surplus e. none of the above
Cashing out capital gains in Virtual Currency System #3 (i.e., turning virtual capital gains into real world currencies) causes the nation's:
a. M2 money multiplier to remain the same. b. M2 money supply to fall. c. M2 money multiplier to fall. d. Monetary base to rise.
The Big Mac index compares:
A. the cost of a Big Mac all over the world. B. typical food costs, as food is the largest component of all consumption baskets. C. the cost of a typical basket for consumers all over the world. D. typical food and energy costs across different locations.