The output effect is the change in labor supply due to a change in the quantity of output produced.
Answer the following statement true (T) or false (F)
False
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Unemployment normally arises when:
A) labor markets are frictionless. B) wages are above the market clearing wage level. C) wages are below the market clearing wage level. D) wages are equal to market clearing wage level.
If the graph shown is displaying a competitive labor market:
A. S would represent an individual worker's supply of labor at each wage.
B. S would represent the firm's supply of jobs at each wage.
C. P* would represent the equilibrium wage.
D. Q* would represent the equilibrium wage.
The simplest economic definition of discrimination is
a. prejudice. b. unequal pay for equal work. c. a dislike by one group of associating with another group. d. unequal pay for unequal work.
Increases in rent are generally due to
A. rises in the supply of land. B. rises in the MRP of land. C. declines in the supply of land. D. declines in the MRP of land.