The labor demand curve shows how many workers the firm is willing to hire
A. at any particular time.
B. at a particular amount of labor supplied.
C. at any given wage.
D. when demand for the firm's output is low.
E. into high-skill jobs.
Answer: C
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When crowding out occurs in an economy, it can reduce expenditures for
A. business investments. B. both consumer purchases and business investments. C. consumer purchases. D. government purchases.
A firm's total revenue minus its total opportunity cost is called its
A) accounting profit. B) normal profit. C) economic profit. D) abnormal profit. E) entrepreneur's profit.
Labor supply
A) must necessarily increase when the real wage increases. B) increases if the substitution effect exceeds the income effect. C) is increasing and then decreasing in the real wage. D) increases when taxes increase.
Goods that have spillover costs affect our collective well-being and therefore can be overproduced because
A. The government is concerned about broad economic welfare. B. The government has failed to enforce contract provisions. C. Most businesses are more concerned about profits than how the environment is affected. D. The government has failed to establish rules for contracts.