An upward-sloping supply curve of labor implies that
a. any quantity of workers can be hired at the same wage rate
b. a higher wage rate is required to attract more laborers
c. there is an excess supply of labor in the labor market
d. the total labor cost curve is horizontal
e. the marginal physical product curve of labor must also be upward sloping
B
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Indicate whether the statement is true or false
In 1791, what percentage of America's clothing was homemade?
a. 10%–20% b. 30%–40% c. 60%–80% d. 95% or more
The narrowest definition of money:
A. includes the things that can be used in transactions immediately. B. contains only cash and bank reserves held at the Fed. C. is referred to as hard money. D. All of these are true.
What happens in the money market when there is an increase in the supply of money?
A) The equilibrium quantity of money increases and the equilibrium interest rate increases. B) The equilibrium quantity of money increases and the equilibrium interest rate decreases. C) The equilibrium quantity of money decreases and the equilibrium interest rate increases. D) The equilibrium quantity of money decreases and the equilibrium interest rate decreases.