The demand curve for labor shows what?
a. The demand for labor is immune to wage pressures.
b. There is a negative relationship between wage and quantity.
c. The supply of labor is higher at higher wage levels.
d. There is a positive relationship between wage and quality.
b. There is a negative relationship between wage and quantity.
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In the United States, the average person mostly patronizes firms that operate in
A) monopoly markets. B) monopolistically competitive markets. C) oligopoly markets. D) perfectly competitive markets.
Refer to the above table. If the price is $3, the perfectly competitive firm should produce
A) 102 units. B) 105 units. C) 103 units. D) 104 units.
One of the reasons why higher prices affect the quantity of real output demanded is
a) at higher prices, business people become richer, so demand rises b) at higher prices, real household wealth is reduced, so the quantity of output demanded falls c) when prices are high, consumers fear that a recession is approaching d) when pricing are rising, the central bank tends to reduce interest rates, thereby reducing demand e) at higher prices, time becomes more valuable, so people buy now instead of later
If the U.S. government increases its expenditures (without any changes in taxes) while the Federal Reserve Bank decreases the money supply:
A. the AD curve would likely shift to the right. B. the AD curve would likely remain unchanged. C. the AD curve would likely shift to the left. D. what happens to the AD curve is unclear.