In competitive markets, the elasticity of labor supply is:
a. unrelated to time.
b. inversely proportional to time elapsed since a wage change.
c. unity.
d. directly proportional to time elapsed since a wage change.
D
Economics
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The following are commonly-used arguments for protection against imports, except:
A. Self-sufficiency and diversification-for-stability B. Protection against dumping C. Infant industry protection D. Price- and profit-maintenance
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In setting the price of its product, a monopolistic competitor sets the price equal to its marginal cost plus an amount called the
A. menu cost. B. rent. C. profit. D. markup.
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