If the elasticity of labor supply is negative, the labor supply curve would be
A. downward sloping.
B. upward sloping.
C. vertical.
D. horizontal.
Answer: A
You might also like to view...
The entry of China and other developing countries into the global economy ________ the wages of low-skilled workers and ________ the wages of high-skilled workers in the United States
A) lowers; lowers B) raises; raises C) raises; lowers D) lowers; raises
The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for cod, a common resource. The efficient outcome is ________
A) 0 tons per week B) 300 tons per week C) 400 tons per week D) None of the above answers is correct.
Almost all recessions identified by the NBER are characterized by:
A. durations exceeding two years. B. declining real GDP. C. higher rates of inflation. D. higher interest rates.
For the perfectly competitive firm:
A. price always equals average cost. B. price always equals marginal cost. C. price always equals marginal revenue. D. price always equals average variable cost.