In the market for labor, the demand function describes
A. the output of workers who are paid a given wage.
B. the demand for the firm's output.
C. the number of workers who are willing to work at each wage.
D. the number of workers a firm is willing to hire at each wage.
Answer: D
You might also like to view...
What are checkable deposits?
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
If the world supply of diamonds increases, the market price of diamonds decreases, and the consumer surplus derived by diamond consumers increases
a. True b. False Indicate whether the statement is true or false
Table 34-2 ? ? Output per Unit Labor Input ? England Portugal Cloth 20 24 Wine 2 12 Using the data from Table 34-2, suppose England transfers 2 units of labor from wine to cloth and Portugal transfers 1 unit from cloth to wine. The combined production of wine and cloth will be increased by
A. 16 wine, 8 cloth. B. 16 wine, 16 cloth. C. 12 wine, 12 cloth. D. 8 wine, 16 cloth.