Which of the following is correct?
a. Workers determine the supply of labor, and firms determine the demand for labor.
b. Workers determine the demand for labor, and firms determine the supply of labor.
c. The labor market is a single market for all different types of workers.
d. The price of the product produced by labor adjusts to balance the supply of labor and the demand for labor.
a
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Lectures in microeconomics can be delivered either by an instructor (labor) or a movie (capital) or any combination of both. Each minute of the instructor's time delivers the same amount of information as a minute of the movie
Which graph in the above figure best represents the isoquants for lectures in microeconomics when capital per day is on the vertical axis and labor per day is on the horizontal axis? A) Graph A B) Graph B C) Graph C D) Graph D
When the more recent observations are more relevant to the estimate of the next period than previous observations, the naïve forecasting method to employ is
A) exponential smoothing. B) compound growth rate. C) trend analysis. D) moving averages.
An increase in price will lead to an increase in quantity supplied. This statement is
A) the law of supply. B) the law of demand. C) untrue always. D) a normative statement.
Which of the following market bundles will give the lowest utility?
a. 2 movies and 2 games b. 2 movies and 3 games c. 2 movies and 4 games d. 2 movies and 5 games