The MRP of labor will shift to the left if
A) labor productivity increases.
B) labor productivity decreases.
C) wages increase.
D) wages decrease.
B
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In 1791, what percentage of America's clothing was homemade?
a. 10%–20% b. 30%–40% c. 60%–80% d. 95% or more
Firms in monopoly or monopolistically competitive market structures do not have traditional supply curves as firms in perfect competition do
a. True b. False
If the Fed desires an interest rate increase, the Federal Open Market Committee (FOMC) could buy U.S. government securities in the open-market
Indicate whether the statement is true or false
Suppose the demand for rental apartments decreased substantially. We would expect to observe
A. no change in rent and a sharp reduction in quantity supplied in the short run, and an even larger decrease in quantity supplied in the long run. B. a small decrease in quantity supplied and significantly lower rents in the short run, and quantity supplied to decrease much more in the long run. C. a large decrease in quantity supplied in the short run and the long run, but much larger reductions in rent in the long run. D. a large decrease in quantity supplied in the short run, followed by a counter-reaction and an increase in quantity supplied in the long run.