An upward-sloping labor supply curve reflects the
a. higher wage rate that must be paid to meet workers' opportunity costs
b. lower wage rate that is paid to meet workers' opportunity costs
c. increased willingness of firms to hire the labor supplied at increasing wage rates
d. fact that not all workers are equally productive
e. higher marginal productivity of the additional worker supplied
A
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In the case of a small country, producer surplus
A) increases more with a tariff than with an equivalent quota. B) increases more with a quota than with an equivalent tariff. C) is not changed by tariffs or quotas. D) increases the same with tariffs and equivalent quotas. E) increases more with quotas.
If a consumer's total cost of purchasing a basket of goods increases from $600 in 2012 to $800 in 2015, it implies that the inflation rate is _____ percent
a. 33.33 b. 20 c. 20.33 d. 30.23
The real interest rate tells you
a. how fast the number of dollars in your bank account rises over time. b. how fast the purchasing power of your bank account rises over time. c. the number of dollars in your bank account today. d. the purchasing power of your bank account today.
In long-run equilibrium, which of the following is not equal to price for a perfectly competitive firm?
A. short-run average variable cost B. long-run average total cost C. short-run marginal cost D. short-run average total cost