The supply curve of a human resource will be more elastic the
a. easier it is to obtain the skill and knowledge necessary to provide the resource.
b. more elastic the demand for the product.
c. more inelastic the demand for the product.
d. higher the skill level necessary to perform the job.
A
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To say that the housing market is in equilibrium means that
a. there are no vacant houses b. the number of houses that are being constructed is equal to the housing stock c. the number of houses that are currently empty is equal to the number of households currently looking to buy a house d. the quantity demanded of houses is equal to the number of houses currently under construction e. the number of houses that people want to own is equal to the housing stock
Marginal revenue product is
A) marginal physical product times marginal factor cost. B) marginal physical product times marginal revenue. C) average physical product times marginal revenue. D) marginal physical product times the wage rate.
The cross price elasticity between A and B is 1.2. We can conclude that
A. goods A and B are unrelated. B. goods A and B are substitutes. C. goods A and B are complements. D. goods A and B are perfect substitutes.
When the price of computer printers decreased from $100 to $85, the number of computer printers produced fell from 1,000 per week to 850 per week. Using this information, we know the supply of computer printers is
A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic.