Which of the following could explain an increase in labor supply to a particular labor market?
a. a reduced preference for this type of work
b. a decrease in the size of the population
c. an increase in the number of firms in the market
d. a rightward shift of the marginal revenue product curve for labor at a typical firm
e. a reduction in wage rates for similar types of work
E
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A firm doubles the quantity of all resources it employs and, as a result, total output doubles. Which of the following is correct?
A. The law of diminishing returns is proven wrong. B. The example is for the short run rather than the long run. C. The long-run average total cost is horizontal. D. There are increasing returns to scale.
If the government of a country is maintaining an overvalued currency against the dollar, then the:
A) quantity of dollars demanded will exceed the quantity of dollars supplied in the foreign exchange market. B) quantity of dollars demanded will equal the quantity of dollars supplied in the foreign exchange market. C) quantity of domestic currency demanded will exceed the quantity of dollars supplied in the foreign exchange market. D) quantity of dollars supplied will exceed the quantity of dollars demanded in the foreign exchange market.
Refer to the scenario above. Suppose the interest rate is 5 percent. In this case, you will have ________ in your account after one year
A) $533 B) $546 C) $550 D) $580
Many used car owners and used car dealers describe their different cars for sale in the local newspapers and list their asking price. Many people shopping for a used car consider the different choices listed in the paper
The market for used cars could be described as A) relatively competitive. B) perfectly competitive. C) non-competitive. D) having high transaction costs.