Labor is typically assumed to be the only variable input in very short-run production systems, and the number of variable inputs increases as we lengthen our planning horizon from short run to long run
What happens to the labor demand curve as we move from short run to long run? A) Demand curve becomes less elastic
B) Demand curve elasticity does not change
C) Demand curve becomes more elastic
D) Demand curve becomes upward sloping
C
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Exhibit 3-3 Demand curves
Which of the graphs in Exhibit 3-3 depicts the effect of a decrease in the price of domestic cars on the demand for foreign cars?
A. Graph A. B. Graph B. C. Graph C. D. Graph D.
The recovery from the low point of the Great Depression lasted for ____ months.
A. 12 B. 25 C. 50 D. 90
By including another variable in the regression, you will
A) decrease the regression R2 if that variable is important. B) eliminate the possibility of omitted variable bias from excluding that variable. C) look at the t-statistic of the coefficient of that variable and include the variable only if the coefficient is statistically significant at the 1% level. D) decrease the variance of the estimator of the coefficients of interest.