In the labor market, adjustments to changes in supply and demand
A) usually occur instantly.
B) usually take time to occur.
C) do not apply, since the labor market does not respond to supply and demand forces.
D) do not apply, since wages in the labor market always go up.
B
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A change in input prices has no impact on a firm’s budget line.
Answer the following statement true (T) or false (F)
A current account deficit exists when
(a) Government revenue exceeds spending (b) Government spending exceeds revenue (c) Imports exceed exports (d) Exports exceed imports
Consider the production possibilities frontier in the figure shown. As more and more cigars are produced the opportunity cost of producing more cigars:
A. decreases.
B. stays the same.
C. increases.
D. decreases then increases.
An increase in the market price of a product decreases producer surplus
a. True b. False Indicate whether the statement is true or false