The labor supply curve facing an individual employer in a perfectly competitive labor market is:
A. upward sloping.
B. downward sloping.
C. horizontal.
D. the MRP curve.
Answer: C
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Perfectly elastic demand curves are vertical.
Answer the following statement true (T) or false (F)
Suppose the economy was in equilibrium, and the national government increased spending by $200 billion. Monetarist theory would predict that the nation's:
a. Money supply will rise by $200 billion. b. Monetary base will rise by $200 billion. c. Money supply will rise by an amount greater than zero but less than $200 billion. d. Monetary base will remain unchanged.
Antitrust activities by the government:
A. can cause inefficiencies. B. sometimes increase the efficiency of a market. C. are accused of being politically motivated. D. All of these statements are true.
A negative side of a revenue-sharing plan is that it:
A. can be difficult to manage from an accounting standpoint. B. can be costly if revenues are low. C. does not induce hard or better work. D. gives no incentive for workers to minimize costs.