The labor supply curve is obtained by
a. summing the slopes of the marginal revenue product curves for individual firms
b. summing the upward-sloping portions of individual workers' labor supply curves
c. summing all individual workers' labor supply curves at each wage
d. summing the downward-sloping portions of individual workers' labor supply curves
e. averaging all individual workers' labor supply curves at each wage
C
You might also like to view...
The loan market is in equilibrium. If the demand for land decreases, the rental rate of land ________
A) might rise or fall B) rises C) falls D) remains unchanged
If a seller lowers the price of a product when demand is price inelastic, the seller can expect revenues to
A) rise. B) fall. C) stay the same. D) either rise or fall, but it is impossible to determine which.
When an American buys a Swedish financial asset,
a. both c and d b. the U.S. balance of goods and services worsens c. the U.S. capital account balance declines d. the U.S. balance of payments worsens e. the U.S. trade balance worsens
The economic way of thinking suggests that if the government imposed a $500 tax on owners of red automobiles,
a. fewer red automobiles would be produced and sold. b. more red automobiles would be produced and sold. c. there would be no change in the number of red automobiles produced and sold. d. red automobiles would cease to exist.