Which of the following would cause the demand for labor to change?
A. a change in the price of the good produced
B. a change in the cost of living
C. changes in the wage rate
D. movements along the labor demand curve
Answer: A
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Money solves the dilemma of a double coincidence of wants by serving as a
A) unit of account. B) medium of exchange. C) symbol of value. D) store of value.
According to the figure shown, if Sarah puts forth low effort, then Joe should:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. put forth high effort.
B. put forth low effort.
C. leave the market.
D. give an ultimatum.
A natural monopoly will always operate in the region of the long run average total cost curve where the cost per unit is constant
a. True b. False Indicate whether the statement is true or false
A concentration ratio indicates the sales of the largest firms in an industry as a percentage of the ______ for that industry.
a. total costs b. marginal revenue c. total sales d. equilibrium quantity