The quantities of labor employers are willing and able to hire at alternative wage rates is the:
A. Government employment minimum.
B. Supply of labor.
C. Marginal physical product of labor.
D. Demand for labor.
Answer: D. Demand for labor.
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The above figure shows the market for blouses. The government decides to impose the sales tax on sellers, as shown in the figure. The amount of the tax paid by the sellers would be greater than shown in the figure if
A) the demand was more elastic. B) the demand was more inelastic. C) the supply was more elastic. D) Both answers A and C are correct.
The "accelerator hypothesis" of investment states that a firm's net investment is most closely related to the
A) level of its actual sales. B) change in its actual sales. C) level of its expected sales. D) change in its expected sales.
If quantity supplied is less at each price, we say that there has been
A. an increase in supply. B. an increase in demand. C. a decrease in supply. D. a decrease in demand.
Refer to Figure 6.6, which shows a market for taxi medallions. If the number of taxi licenses is reduced from Q2 to Q1, the consumer surplus:
A. decreases by area FGI. B. decreases by (area BCFG + area FGI). C. decreases by area GHI. D. decreases by (area CDGH + area GHI).