In a competitive labor market, if the demand for labor increases, labor demand will shift to the:
A. right and wages will increase.
B. left and wages will increase.
C. right and wages will decrease.
D. left and wages will decrease.
A. right and wages will increase.
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In Figure 4-18, there would be a shortage of T-shirts if the price were
A. $10 and the market price will rise. B. $8 and the market will tend toward equilibrium. C. below $8 and the shortage persists. D. between $8 and $6 and the shortage will get larger.
The price elasticity of demand is measured as
A) the ratio of the typical consumer's quantity demanded to the entire quantity demanded in the market. B) the percentage change in quantity demanded divided by the percentage change in price. C) the number of purchases divided by the price of the product. D) price divided by quantity. E) quantity divided by price.
Common property resources tend to be
A) overused. B) underused. C) not used at all. D) efficiently used. E) used by the government only.
To avoid employees "gaming" the system
a. Try to anticipate the more obvious games b. Adjust the compensation scheme to avoid the most obvious games c. Monitor outcomes to ensure that you are getting the behavior you desire d. All of the above