The labor demand curve:
A. shows the relationship between the total quantity of labor demanded by all the firms in the economy and the wage rate.
B. shows that, all things being equal, firms will want to hire more labor when wages are lower and less labor when wages are higher.
C. has a negative slope.
D. All of these are true.
D. All of these are true.
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Full employment means which of the following is zero?
a. structural unemployment b. cyclical unemployment c. frictional unemployment d. aggregate unemployment
When economic profits in a perfectly competitive industry are positive
A. firms will increase output to earn even higher profits. B. firms will increase prices while they have the opportunity. C. new firms will be attracted to the industry, and economic profits will decline to zero. D. the industry is in equilibrium.
Money is "created" when:
A. A depositor deposits money at the bank B. A bank grants a loan to a customer C. Someone lends money to a friend or a family member D. People use money to pay for stuff they buy from one another
To keep employees from shirking, invest in greater monitoring
a. if monitoring is inexpensive relative to its benefits b. especially when monitoring is not very efficient c. when employees respond well to incentive contracts d. when incentives solve both moral hazard and adverse selection problems with employees