Any change that affects the entire schedule relating the quantity of labor and the value of the marginal product of labor will ________, assuming all else equal
A) cause the labor demand curve to become vertical
B) shift the labor demand curve
C) cause a rotation in the labor demand curve
D) be caused by a change in the wage rate
B
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The Cournot Model of Oligopoly assumes that
A) firms decide what quantity to produce. B) firms make their decisions simultaneously. C) firms do not cooperate. D) All of the above.
A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 200 units is $4.00. The minimum possible average variable cost is $3.50. The market price of the product is $3.00. To maximize profits or minimize losses, the firm should:
A. Continue to produce 200 units B. Continue production, but produce less than 200 units C. Increase production to more than 200 units D. Shut down
Most economists would probably agree that new technologies are the single most important source of productivity improvement, hence of __________ in general.
A. economic growth B. human capital C. entrepreneurial activity D. absolute advantages
Horizontal contracts generally run ______the goals of the customers
a. Indifferent to b. In line with c. Contrary to d. None of the above