If an employer has to raise the wage rate of workers in order to employ more labor, then the marginal labor cost curve of the employer:
A. Lies above the supply curve of labor
B. Is the supply curve of labor that it faces
C. Lies below the supply curve of labor
D. Is a downward-sloping curve
A. Lies above the supply curve of labor
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Assume the price of good Y with its quantity measured on the vertical axis is $20 and the price of good X with its quantity measured on the horizontal axis is $5. If the consumer's budget is $100, then the absolute value of the slope of the budget line is:
A. 100. B. 20. C. 1/4. D. 4.
Other things equal, if the price of a key resource used to produce product X falls, the:
A. product supply curve of X will shift to the left. B. product demand curve of X will shift to the left. C. product demand curve of X will shift to the right. D. product supply curve of X will shift to the right.