An increase in the wage rate causes
A) a rightward shift of the firm's labor demand curve.
B) a decrease in the quantity of labor demanded.
C) an increase in labor's marginal productivity.
D) a leftward shift of the firm's labor demand curve.
B
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An industry with a large number of firms, differentiated products, and free entry and exit is called
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly. E) monopolistic oligopoly.
The budget of an economy is said to be in deficit when: a. federal outlays exceed revenues
b. federal revenues exceed outlays. c. anticipated inflation rate exceeds its actual rate. d. there is a loss of value of a country's currency with respect to one or more foreign reference currencies. e. anticipated interest rate exceeds its actual rate.