When output price rises, the long run increase in labor input will be larger than the short run increase in labor input.
Answer the following statement true (T) or false (F)
False
Rationale: The long run increase might be larger or smaller than the short run increase depending on the degree of substitutability between capital and labor.
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A rise in the price of a good causes producers to supply more of the good. This statement illustrates
A) the law of supply. B) the law of demand. C) a change in supply. D) the nature of an inferior good.
Mika's Manicures leases a space in the local mall for $4,500 a month. For this business, this expense would be considered an:
A. implicit cost of $4,500. B. explicit cost of $4,500. C. explicit cost of $0. D. This is neither an implicit or explicit cost; it is a fixed cost of $4,500.
Which of the following government agencies estimates and compiles the U.S. GDP accounts?
A. The American Economic Association B. The Federal Reserve System C. The Bureau of Economic Analysis D. The Internal Revenue Service
Scientists have said for years cod was so seriously overfished in European Union waters that there was a risk of extinction due to stock collapse
"To ensure this recovery… Ministers agreed a 10 percent cut in days at sea (for North Sea cod)," EU Fisheries Commissioner Joe Borg stated in 2008. What is the goal of this policy? A) To reduce the number of fishing days to the point where marginal cost per day equals marginal benefit B) To reduce the number of fishing days to the point where marginal social cost per day equals marginal benefit C) To reduce the number of fishing days to the point where marginal social benefit per day equals marginal benefit D) To reduce the number of fishing days to the point where marginal social cost per day equals marginal social benefit