Other things being equal, the elasticity of demand for labor will be greater the:
A. Smaller the proportion of total costs accountable for by labor costs
B. Smaller the elasticity of demand for the product it produces
C. Larger the number of close substitute resources available
D. More rapid the decline in its marginal productivity
C. Larger the number of close substitute resources available
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A monopolist will not produce at all if the intersection of marginal revenue and marginal cost occurs at a quantity at which average cost lies above the demand curve.
Answer the following statement true (T) or false (F)
If the federal government were to run a budget deficit, this would:
a. increase the size of the national debt. b. reduce the size of the national debt. c. leave the size of the national debt unchanged. d. increase the national debt only if the government also expands the supply of money.
Several countries in the world have failed to “converge” with industrialized countries. What does this mean about their economic growth rates? Explain why poorer countries have failed to "catch up," in terms of the pillars of economic growth. Are there any special problems facing these countries?
What will be an ideal response?
A manager of a small firm who believes in the signaling theory of education would encourage her employees to obtain additional education to raise their on-the-job productivity
a. True b. False Indicate whether the statement is true or false