If the supply curve of labor facing a firm is upward sloping, this implies that
a. the firm is unable to hire additional workers
b. to hire additional workers, the firm must increase the wage rate
c. any number of workers can be hired at a fixed wage
d. additional workers can be hired at lower wage rates
e. the demand curve for the firm's good must be horizontal
B
You might also like to view...
A country's unemployment rate fell from 6% to 5% during a year. If its total population, capital stock and output remain unchanged, ________
A) its income per worker will increase B) its income per capita will increase C) its income per worker will fall D) its income per capita will fall
Unless demand is changing, price and quantity will
A) be proportionate. B) move in opposite directions. C) move in the same direction. D) fluctuate cyclically. E) remain constant.
One of the main tools economists use to analyze strategic behavior is
A) the Herfindahl-Hirschman Index. B) game theory. C) cartel theory. D) the collusion index. E) dual theory, which is used to study duopolies.
Which of the following CORRECTLY defines utilitarianism?
A) Cost will increase if production increases. B) The difference between what a consumer is willing to pay and what actually has to be paid. C) Society should strive to achieve the greatest good for the greatest number. D) Equality will not result in efficient outcomes.