The long-term supply of labor
A. can vary from region to region but does not change within a region.
B. does not depend on location as flows of workers between regions cancel each other out.
C. depends on location, as some regions are more attractive to workers.
D. generally does not vary much from region to region.
Answer: C
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Refer to the above figure. Moving from point A to point B indicates
A) an increase in supply. B) an increase in quantity supplied. C) a decrease in supply. D) a decrease in quantity supplied.
In economics, the term marginal refers to
a. the change or difference between two alternatives. b. man-made resources as opposed to natural resources. c. the satisfaction a consumer receives from a good. d. holding everything else constant in the analysis.
Suppose the table below describes the relationship between price and quantity demanded for a monopolist.QuantityPrice1$102$93$84$75$66$57$48$3 If the marginal cost of producing each unit of output is $5, then this monopolist maximizes its profit by charging ________ per unit.
A. $6 B. $5 C. $3 D. $8
When unwanted business inventories pile up, which of the following is likely to occur?
A. A lower price level. B. A higher level of output. C. A lower level of unemployment. D. No change in the level of output.