The individual firm which hires labor under competitive conditions faces a labor supply curve which:
A. Slopes downward to the right
B. Is perfectly elastic
C. Is perfectly inelastic
D. Is of unit elasticity
B. Is perfectly elastic
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Suppose that because of inflation, the absolute price of a gallon of milk increases by 20% and the absolute price of a gallon of gasoline increases by 10%. In this situation, the price of milk relative to the price of gasoline
a. falls. b. rises. c. remains the same. d. changes unpredictably.
Refer to Figure 4-8. What is the value of the deadweight loss after the imposition of the ceiling?
A) $50,000 B) $125,000 C) $175,000 D) $260,000
Explain how a small amount of international debt can become a very heavy burden for a developing economy
The short-run aggregate supply curve slopes upward as a result of the real balance effect, the interest rate effect, and the international trade effect
Indicate whether the statement is true or false