In the specific factors model, labor is defined as a(an)
A) mobile factor.
B) specific factor.
C) fixed factor.
D) variable factor.
E) intensive factor.
A
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Because of free riders, a private, unregulated market would not produce the efficient quantity of a public good
Indicate whether the statement is true or false
If the demand for labor is unchanged, population growth will increase the supply of labor and increase the equilibrium wage
Indicate whether the statement is true or false
Suppose the monopolist only sold the goods separately. What price will the monopolist charge for Good 1 to maximize revenues for good 1?
a. $2,300 b. $2,800 c. $1,200 d. $1,700
Would a profit-maximizing firm sell where demand is inelastic?
A. No, this would not follow the rule of MC = MR. B. No, the firm could not profitably raise price. C. Yes, the firm could profitably lower price to attract sales. D. Yes, in this case there are few substitutes for the good.