If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, we would expect the labor-demand curve to shift to the:
A. left and wages would rise.
B. right and wages would rise.
C. left and wages would decrease.
D. right and wages would decrease.
Answer: C
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A perfectly competitive firm has a total revenue curve that is
A) upward sloping with an increasing slope. B) downward sloping with a constant slope. C) upward sloping with a decreasing slope. D) upward sloping with a constant slope.
The figure above shows the market demand curve for pizza
a) What is the marginal social benefit of the 20th pizza? b) What is the maximum price a consumer is willing to pay for the 20th pizza? c) If the price of a pizza is $6, what is the consumer surplus of the 20th pizza? d) If the price of a pizza is $10, what is the consumer surplus? e) If the price of a pizza is $6, what is the consumer surplus?
The price elasticity of supply is the __________________ change in the quantity supplied of a good or service divided by the percentage change in the price.
a. quantity b. percentage c. relative d. absolute
For Kimbra, the marginal utility of having lawn mowing service once a month is 90 utils. Having the service a second time in a month is 70 utils, and a third time is 50 utils. What is the most likely estimate in utils for having the lawn mowing service a fourth time in a month?
a. 50 b. 30 c. 10 d. 0