The elasticity of the labor supply curve depends on all of the following factors except:
A. the number of workers who enter or leave the labor market as the wage rate changes.
B. individuals' opportunity cost of working.
C. the elasticity of individuals' labor supply curves.
D. the elasticity of demand for a firm's output.
Answer: D
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What will be an ideal response?
What is true of marginal cost when marginal returns are decreasing?
a. It is negative and increasing. b. It is negative and decreasing. c. It is positive and increasing. d. It is positive and decreasing. e. It is positive and has a constant slope.
Refer to the accompanying figure. If Pat and Chris each spend half their time on each task, then:
A. they will plant more bulbs and remove fewer bags of trash than if they had each specialized in the task at which they have a comparative advantage. B. the outcome will be efficient. C. the outcome will be unattainable. D. they will plant fewer bulbs and remove fewer bags of trash than if they each had specialized in the task at which they have a comparative advantage.
For a fixed inflation rate target, a decrease in the inflation rate corresponds to a ________ the aggregate demand curve and a decrease in exogenous spending corresponds to a ________ the aggregate demand curve.
A. movement down; shift left of B. shift left of; shift right of C. shift left of; movement up D. movement up; shift right of