We think about the cost of supplying labor as the:
A. the additional equipment and training that is required when hiring a person.
B. input costs that go into producing a unit of labor.
C. opportunity cost of the individual's time.
D. average wage in the labor market.
Answer: C
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Answer the following statements true (T) or false (F)
Economies cannot function without money. The amount of national income in an economy equals the money supply in an economy. Liquidity increases as we move from the M1 to the M2 definition of the money supply. If gold is used as money in an economy, the money supply is easy to control. Commodity money can be used only as a medium of exchange.
If the price of insulin is currently above the market-clearing level, then
A) there is a shortage of insulin. B) the market for insulin is fully coordinated. C) there is a surplus of insulin. D) insulin is no longer a scarce good.
Refer to the above table. For which prices is demand unit-elastic?
A) in a range of prices below $6.50 B) in a range of prices above $6.50 C) in a range of prices between $5 and $10 D) in a range of prices between $6 and $6.50
Ration coupons are often associated with price ceilings because they
a. substitute for dollars in the purchase of goods b. restore prices to equilibrium c. compensate for the producers' lost opportunities d. are used to allocate goods under conditions of excess demand e. enable producers to produce beyond equilibrium levels without suffering the consequences of lowering prices