When we focus on labor as an input in the production process, we typically draw the production function by measuring the
a. quantity of labor on the horizontal axis and the quantity of output on the vertical axis.
b. quantity of labor on the horizontal axis and the marginal product of labor on the vertical axis.
c. quantity of labor on the horizontal axis and the value of the marginal product of labor on the vertical axis.
d. value of the marginal product of labor on the horizontal axis and the quantity of output on the vertical axis.
a
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Higher deductibles for employer-provided health care will tend to shift the ________ curve for medical services to the ________
A) supply; left B) supply; right C) demand; left D) demand; right
Which of the following explains the Phillips curve trade-off?
a. workers' focus on job security as the economy expands rapidly b. firms weaken their resistance to wage pressure during periods of rapid economic growth c. firms' ability to pass along higher wage rates in the form of higher prices during recessions d. an unusual increase in resource supply e. workers' insistence on wage increases during recessions to compensate for unemployment
What serves as the supply curve for a perfectly competitive firm? Why is this supply curve upward-sloping, or why does it take a higher price to get a firm to produce and sell more output?
What will be an ideal response?
A supply curve
A) is a table that shows the relationship between the price of a product and the quantity of the product supplied. B) is a curve that shows the relationship between the price of a product and the quantity of the product supplied. C) is the relationship between the supply of a good and the cost of producing the good. D) is a curve that shows the relationship between the price of a product and the quantity of the product that producers and consumers are willing to exchange.