The labor demand curve:
A. shows that, all things being equal, firms will want to hire more labor when wages are lower and less labor when wages are higher.
B. has a negative slope.
C. shows the relationship between the total quantity of labor demanded by all the firms in the economy and the wage rate.
D. All of these are true.
Answer: D
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Why is the production possibilities frontier bowed out?
What will be an ideal response?
Define the following terms and explain their importance to the study of economics. a. price elasticity b. complements c. substitutes d. cross elasticity e. supply elasticity
What will be an ideal response?
Which national income account should be examined to discover trends in the after-tax income that people have to save and spend?
a. Gross domestic product (GDP). b. Personal income (PI). c. National income (NI). d. Disposable personal income (DI).
Refer to the information provided in Figure 5.2 below to answer the question(s) that follow.
?Figure 5.2Refer to Figure 5.2. If the price of a hamburger increases from $2 to $4, the price elasticity of demand equals ________. Use the midpoint formula.
A. -0.33 B. -2.0 C. -3.0 D. -5.0