What happens to the labor supply curves in both countries when Mexican workers leave Mexico and move to the United States?
a. Labor supply decreases in Mexico and decreases in the United States.
b. Labor supply increases in the United States and increases in Mexico.
c. Labor supply increases in the United States and decreases in Mexico.
d. Labor supply increases in Mexico and decreases in United States.
c
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Tommy's Teddy Bears incurs $300,000 per year in explicit costs and $50,000 in implicit costs. The shop earns $600,000 in revenues and has $1.1 million in net worth. Based on this information, what is economic profit for Tommy's Teddy Bears?
A) $250,000 B) $300,000 C) $500,000 D) $1.35 million
In monopolistically competitive markets in long run equilibrium: a. more than the efficient level of output will be produced because price exceeds marginal cost
b. less than the efficient level of output will be produced because price exceeds marginal cost. c. more than the efficient level of output will be produced because marginal revenue exceeds marginal cost. d. less than the efficient level of output will be produced because marginal revenue exceeds marginal cost.