Elasticities of demand for labor and for the good that is being produced are related because
a. the MRP curves reflect the demand elasticity of the good
b. unions try to raise demand elasticities
c. monopsonists are always monopolists
d. it is a company town
e. there is one price for both
A
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Joe is contemplating a job where, with probability 0.6, he will make $100,000 and with probability 0.4 he will make $30,000. What is Joe's expected income from taking the job?
A) $12,000 B) $60,000 C) $72,000 D) $90,000
Will depletable resources such as oil, coal, and aluminum be exhausted if their prices are left to the market?
Temporary supply shocks:
A. would affect the short-run equilibrium. B. are significant events that directly affect production. C. shift the aggregate-supply curve in the short run. D. All of these are true.
A dominated strategy
A) may be part of a Nash equilibrium. B) is never played. C) can be a best response. D) is always part of a mixed-strategy Nash equilibrium.