The marginal expenditure curve for labor is based on the assumption that
A) the most productive workers are hired first.
B) the wage rate is independent of the quantity of labor employed.
C) the market supply curve for labor is infinitely elastic.
D) all workers are paid the same wage rate.
E) none of the above
D
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If a quota is imposed on imports of shrimp into the United States, U.S. consumers ________ and U.S. producers ________
A) gain; gain B) lose; gain C) gain; are unaffected D) lose; lose E) gain; lose
The "law" of diminishing returns
a. is deduced from the basic biochemical relationship of agricultural theory. b. was constructed as the basis of observation during experiments on the impact of fertilizer on output in the 1930s. c. is based on regular observations of input-output relationships over the last two centuries. d. is borrowed from physical laws related to conversion of matter and energy.
Suppose demand increases and supply decreases. Which of the following will happen?
What will be an ideal response?
U.S. imports rise when income in the United States increases.
Answer the following statement true (T) or false (F)