When a firm faces a labor supply curve that is upward sloping, the firm must
A) offer a higher wage if it wishes to hire more workers.
B) pay a wage that exceeds the value of marginal product.
C) pay a wage that does not exceed the minimum wage.
D) maximize the amount of labor that it hires.
A
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Refer to the graph shown. In the long run supply will become:
A. more elastic, rotating from S0 to S1, creating a larger shortage with a price ceiling of P2. B. less elastic, rotating from S0 to S1, creating a smaller shortage with a price ceiling of P2. C. more elastic, rotating from S0 to S1, creating a smaller shortage with a price ceiling of P2. D. less elastic, rotating from S0 to S1, creating a larger shortage with a price ceiling of P2.
The "labor-force participation rate":
a. Equals the number of people employed divided by the number of people employed and unemployed. b. Equals the number of people unemployed and actively seeking work divided by the non-institutional population over 16 years of age. c. Is ironically very similar from one country to another. d. Equals the number of people employed and unemployed (and actively seeking work) divided by the non-institutional population over 16 years of age and varies from country to country due to economic incentives, cultural backgrounds, expectations, and religious beliefs. e. None of the above is correct.1.The labor force: a. Is made up of individuals who are employed, individuals without a job and actively seeking work, and individuals without a job and not actively seeking work. b. Is made up of individuals who are employed and individuals without a job and actively seeking work. c. Is basically the same as a nation's non-institutional population over 16 years of age. d. Rises with each new birth.