The price elasticity of demand for labor will be greater, the
A) greater is the price elasticity of demand for the final product.
B) more difficult it is to employ substitute inputs in production.
C) smaller is the proportion of wage costs in the total cost of production.
D) shorter is the time period under examination.
Answer: A
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What will be an ideal response?
Of the following, the country with the highest average income per day in the world is
A) Japan. B) the United States. C) France. D) Germany. E) China.
Describe the process that would occur in the long run in a competitive industry if there were economic profits. Illustrate this with a diagram.
What will be an ideal response?
Comparable worth is the principle that:
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