If the price of labor increases, the typical perfectly competitive firm in the short run will
A) produce more output.
B) hire less labor.
C) hire the same labor and produce the same output.
D) hire more labor.
Answer: B
Economics
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Consider the demand function Qd = 150 - 2P. The effects of other determinants of Qd is reflected in
A) the intercept of the function. B) the slope of the function. C) neither the slope nor the intercept of the function. D) in both the slope and the intercept of the function.
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Utility is the pleasure, satisfaction, or enjoyment derived from consumption
a. True b. False Indicate whether the statement is true or false
Economics