An increase in the cost of training to acquire a skill, which must be paid by the worker,
a. increases both the supply of and demand for labor in that market
b. decreases both the supply of and demand for labor in that market
c. increases the supply of labor and decreases the demand for labor in that market
d. decreases the supply of labor and increases the demand for labor in that market
e. decreases the supply of labor only in that market
E
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The degree of monopsony power that a firm enjoys is determined by
A) elasticity of market demand, elasticity of market supply, and number of buyers in the market. B) elasticity of market supply, number of buyers in the market, and how buyers interact. C) number of buyers in the market, how buyers interact, and number of sellers of the resource. D) how buyers interact, number of sellers of the resource, and elasticity of market demand.
Many Americans believe that taxes have been gobbling up an ever-increasing share of the U.S. economy. Is this observation correct? Explain.
What will be an ideal response?
Each of the following was considered a proponent of supply-side economics EXCEPT
A. Arthur Laffer. B. Ronald Reagan. C. Congressman Jack Kemp. D. Milton Friedman.
Which of the following is true of a public good?
a. It is nonexcludable and nonrival in consumption. b. The private market will produce more than the efficient amount. c. It must be provided by the government.