The price for labor is the wage rate. What happens to the demand for labor if wages increase?
a. It increases.
b. It decreases.
c. It does not change.
d. Uncertain-economic theory has no answer to this question.
c
You might also like to view...
The industry most closely associated with perfect competition is
a. manufacturing. b. banking. c. mining. d. farming.
Refer to the graph below for a monopoly. Assuming this were a perfectly competitive market, then the price and quality would be shown at the point of intersection between the
a. MC and AR curves.
b. MC and MR curves.
c. ATC and AR curves.
d. MC and ATC curves.
Historically, the market prices of most natural resources (adjusted for inflation) have
a. increased. b. remained stable. c. remained stable or decreased. d. decreased.
Fiscal policy may not be effective because it takes time for policymakers to enact a policy change, known as the ________ lag.
A. recognition B. implementation C. impact D. legislative