An increase in labor productivity shifts the
A) labor demand curve rightward.
B) labor demand curve leftward.
C) labor supply curve rightward.
D) labor supply curve leftward.
A
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Suppose you deposit $2,000 into Bank of America and that the required reserve ratio is 10 percent. How does this affect the bank's balance sheet?
A) Required reserves rise by $2,000. B) Excess reserves rise by $1,800. C) Reserves rise by $200. D) Deposits rise by $1,000.
Suppose a perfectly competitive increasing-cost industry is in long-run equilibrium when market demand suddenly increases. What happens to the typical firm in the long run?
a. It experiences no change from the original equilibrium b. It experiences a higher average total cost and equilibrium price c. It experiences a lower average total cost and equilibrium price d. It experiences the same equilibrium price but a greater average total cost e. It experiences the same equilibrium price but a lower average total cost
If a change in the price of a good results in no change in total revenue, then
a. the demand for the good must be elastic. b. the demand for the good must be inelastic. c. the demand for the good must be unit elastic. d. buyers must not respond very much to a change in price.
According to many economists, government restrictions on ticket scalping do all of the following except
a. inconvenience the public. b. reduce the audience for cultural and sports events. c. waste police officers' time. d. keep the cost of tickets to all consumers low.