The difference between the Keynesian and classical labor supply functions is that in the Keynesian version
a. workers know the real wage while in the classical system workers must form an expectation of the price level.
b. workers must form an expectation of the price level while the workers know the real wage in the classical system.
c. workers are assumed to be interested in the money wage while in the classical version workers know the real wage.
d. labor supply depends on the actual real wage while labor supply depends on the expected real wage in the classical system.
B
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Unemployment is a ________ concept, measuring the ________
A) stock; number of people who are not working B) stock; number of people at a point in time who are not working but who are looking for work C) flow; number of people who are first entering the labor force D) flow; number of people who lost their jobs within the last week
For a firm to maximize total profits through price discrimination, it should
a. charge a low price to high-value consumers and a high price to low-value consumers b. charge a high price to high-value consumers and a high price to low-value consumers c. charge a low price to high-value consumers and a low price to low-value consumers d. charge a high price to high-value consumers and a low price to low-value consumers