In Figure 10.3, a decrease in the demand for labor will cause the equilibrium:
A. wage and hours of labor used to increase.
B. wage and hours of labor used to decrease.
C. wage to increase and hours of labor used to decrease.
D. wage to decrease and hours of labor used to increase.
Answer: B
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The United States has had a long history of work time lost due to worker strikes. This trend has
A. increased over time. B. decreased over time. C. stayed relatively constant during the past century. D. been less of a problem compared to other countries such as Japan.
A person who is unemployed because of a mismatch between the person's skills and current employment requirements is experiencing
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.
Marginal cost is always zero at the point of efficient scale
a. True b. False Indicate whether the statement is true or false
At the point where the demand and supply curves for a product intersect,
What will be an ideal response?