Assuming all else equal, if the price of fuel and energy increases, ________
A) a firm's labor demand curve shifts to the right
B) a firm moves to a lower point along its labor demand curve
C) a firm's labor demand curve shifts to the left
D) a firm moves to a higher point along its labor demand curve
C
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If a firm raised its price and discovered that its total revenue fell, then the demand for its product is
A) relatively elastic. B) perfectly inelastic. C) perfectly elastic. D) relatively inelastic.
Behavioral economists have discovered the following things about people's reaction to losses:
A. People judge losses in relative terms; i.e., relative to the status quo B. People experience increasing marginal disutility from losses C. People would feel the loss of $1,000 more intensely than they would feel the gain of $1,000 D. When people lose successive equal amounts, the initial losses are more painful than later ones