The market supply curve for labor in a perfectly competitive labor market:
A) is horizontal or perfectly elastic.
B) is vertical or perfectly inelastic.
C) can be derived by vertically adding the individual supply curves of labor.
D) can be derived by horizontally adding the individual supply curves of labor.
D
You might also like to view...
If the demand curve for a good is horizontal, a tax is levied on this product is
A) split between the buyers and the sellers but not evenly so that either the buyer or the seller pays more. B) split evenly between the buyers and the sellers. C) paid entirely by buyers. D) paid entirely by sellers. E) not paid by either the buyers or the sellers.
Usury laws lead to a ________________ of loanable funds.
Fill in the blank(s) with the appropriate word(s).
An increase in energy costs will most likely cause the price level and rGDP to change in which of the following ways?
A) Increase/Increase B) Increase/Decrease C) Increase/No change D) Decrease/Increase E) Decrease/Decrease
Sherri has decided that with the two hours in between classes she can do one of 3 things. She has ranked her choices, from highest to lowest as, (1) chat with her friends, (2) study history or (3) take a nap. The opportunity cost of chatting with her friends is
A. the combined value of studying history and taking a nap. B. the value of studying history, the next best use of time. C. zero since she does not pay her friends to talk to her. D. the value of chatting with her friends.