All other things constant, an increase in the wage rate will:
a. decrease the quantity of labor supplied.
b. increase the quantity of labor supplied.
c. increase the supply of labor
d. decrease the supply of labor.
b
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Suppose George withdraws $60,000 from his bank. If the reserve ratio is 25 percent, then this transaction will lead to a decrease of ________ in checking account balances
A) $15,000 B) $45,000 C) $90,000 D) $180,000
Which of the following is NOT a "flow" variable?
A) government debt B) consumption expenditure C) labor services D) income
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue when it sells 5,000 cubic years of concrete per year?
A. $37.50 B. $25.00 C. $50.00 D. $0.00
What is the "Hotelling rule" for situations in which a producer can determine when a good is sold?
A) Price must rise at exactly the rate of interest. B) Marginal cost must rise at exactly the rate of interest. C) Price minus marginal cost must rise at exactly the rate of interest. D) Price plus marginal cost must rise at exactly the rate of interest. E) Price and marginal cost must be independent of the rate of interest.