If the wage paid to workers increases, the labor demand curve:
A. will not shift.
B. shifts to the left and fewer workers are hired.
C. shifts to the right and more workers are hired.
D. shifts to the right and fewer workers are hired.
Answer: A
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To economists, the main difference between the short run and the long run is that:
A. the law of diminishing returns applies in the long run, but not in the short run. B. in the long run all resources are variable, while in the short run at least one resource is fixed. C. fixed costs are more important to decision making in the long run than they are in the short run. D. in the short run all resources are fixed, while in the long run all resources are variable.
The demand for a product is likely to be more elastic:
A. the smaller the share of the total budget spent on the product. B. when more complementary products are available. C. in the short run than in the long run. D. when more good substitutes for the product are available.