When a supply and demand model is used to analyze the market for labor,
a. demand is generally no longer downward sloping.
b. the wage rate is used on the vertical axis as the market price.
c. employment is used on the horizontal axis as the market quantity.
d. both b and c.
D
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Which of the following statements is true?
A) In the long run, a firm cannot vary any of its inputs. B) In the long run, a firm can vary all its inputs. C) In the short run, a firm cannot vary any of its inputs. D) In the short run, a firm can vary all its inputs.
Moving upward along a downward sloping straight-line demand curve, as the price of the product goes up
A) the price elasticity of demand does not change. B) the price elasticity of demand goes from being inelastic to being elastic. C) the price elasticity of demand goes from being elastic to being inelastic. D) the price elasticity of demand goes from negative to positive.