Which of the following is likely to shift the labor supply curve to the left, assuming all else equal?
A) A rise in the wage rate
B) A social change that discourages women to participate in the labor force
C) A fall in the wage rate
D) Decrease in the maximum amount of unemployment benefits
B
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Refer to the table above. Which of the following statements is true about the marginal product of labor?
A) The marginal product initially decreases with the first few workers and then increases. B) The marginal product initially increases with the first few workers and then decreases. C) The marginal product decreases as more workers are hired. D) The marginal product increases as more workers are hired.
If the short-run price elasticity of demand for hospital care is .27, then the long-run price elasticity is expected to be:
A. greater than .27. B. perfectly inelastic. C. less than .27. D. equal to .27.