A firm's demand for labor depends on, in part, the demand for the firm's product. To summarize this idea, economists say that the demand for labor is:
A. derived demand.
B. marginal demand.
C. secondary demand.
D. monopsonistic demand.
Answer: A
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As an household's wealth increases, it will experience a(n):
a. increase in its MPC. b. decrease in autonomous consumption. c. decrease in its MPS. d. increase in autonomous consumption. e. increase in autonomous saving.
Any change that increases the quantity of labor supplied at all wage rates will ________, assuming all else equal
A) shift the labor supply curve to the left B) cause an upward movement along the labor supply curve C) shift the labor supply curve to the right D) cause a downward movement along the labor supply curve
Is $1,000 received today worth as much as $1,000 received one year from now? Explain your answer
What will be an ideal response?
Entrepreneurs establish businesses in order to:
a. purchase products at greatly reduced prices b. not have to answer to a boss c. take as many vacation days as they can d. make money