The relationship between the wage and the quantity of labor that a given worker is willing to provide is called:
A. individual labor demand.
B. market labor demand.
C. individual labor supply.
D. market labor supply.
Answer: C
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The first economist to point out the importance of specialization of labor was
A. Leonardo da Vinci. B. Adam Smith. C. David Ricardo. D. John Maynard Keynes. E. Enrico Caruso.
Figure 4.5 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and a decrease in demand are represented by a movement from
A) point b to point d. B) point c to point a. C) point a to point b. D) point d to point a.
In 1960, out-of-pocket spending on health care in the United States was
A) 2.2 percent. B) 6 percent. C) 48 percent. D) 64 percent.
A market situation in which there are a few large firms is called
A) monopolistic competition. B) imperfect competition. C) oligopoly. D) monopoly.