If the price of a competitive firm's output increases, the firm responds in the short run by demanding more labor
What will be an ideal response?
True. The firm wishes to sell more output and can do so only by hiring more labor.
Economics
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Nobody needs soda. So why do people drink it?
A) They deny the data and believe they really do need soda. B) The expected additional benefits of another soda outweigh the additional costs. C) There are no substitutes for soda. D) Soda is a good for the people who consume it, and therefore they will drink it at any price.
Economics
The degradation of the environment from litter is a
a. a negative externality. b. free rider problem. c. Tragedy of the Commons. d. Both a and c are correct.
Economics