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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In the market for cell phones, all of the following would cause the supply of cell phones to change except:
A) an improvement in the technology used to produce cell phones. B) an increase in the cost of labor used to produce cell phones. C) a change in cell phone producers' expectations. D) an increase in the number of buyers in the market for cell phones.
Suppose 100 citizens each derive marginal benefit from submarines according to the function MB = 10 - Q. If subs cost $100 each to produce, what is the efficient quantity of submarines?
What will be an ideal response?
Which of the following would cause the labor demand curve to shift to the right?
A) a decrease in demand for the product the labor is used to produce B) an increase in labor productivity C) a decrease in the price of a complimentary resource D) all of the above
If we want to produce more capital goods during the present time period, we must
a. increase current consumption. b. lower future consumption. c. reduce current consumption. d. reduce our savings rate.