If there are powerful buyers in a labor market, the use of the supply-and-demand model to analyze labor markets
A. will cause you to believe that fewer people will be hired than will be.
B. will cause you to believe the wage will be lower than it is.
C. is completely accurate.
D. will cause you to believe that more people will be hired than will be.
Answer: D
You might also like to view...
On the eve of the Civil War, what was the number one export in the U.S.?
(a) Cotton (b) Wheat (c) Gold (d) Shipping services
Which of the following best illustrates the concept of derived demand?
a. A decrease in the price of glass causes the demand for plastic to decrease. b. An increase in the demand for bread leads to an increase in the demand for flour. c. A decrease in the price of air travel leads to an increase in the quantity demanded of air travel. d. An increase in the demand for peanut butter leads to an increase in the demand for jelly.
Productivity efficiency in saving lives
a. is not possible to today's economy b. is guaranteed in today's economy c. occurs when the economy is saving the maximum possible number of lives d. requires producing on the economy's production possibilities frontier e. occurs where the production possibilities frontier intersects the "lives saved" axis
A stock variable
a. measures a process that takes place over a period of time b. is used often used to measure the quantity demanded of a good at various prices c. is related to inventory controls d. measures a quantity in existence at a moment in time e. is a definition unique to economics