The labor supply curve shifts when
a. employers need to hire more people.
b. employers develop new technology.
c. workers change the number of hours that they want to work at any given wage.
d. workers become more productive.
c
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Which of the following statements regarding the long-term equilibrium is TRUE?
A) As new firms enter a market, each existing firm increases the quantity it produces. B) Firms leave a market if they are making zero economic profit. C) Entry and exit stop when firms are making an economic profit. D) Entry and exit stop when firms make zero economic profit.
Marginal profit is the profit
a. earned by a firm that is about to go out of business. b. calculated directly from the total cost curve. c. that is added by a one-unit increase in total output. d. earned for each dollar of cost increase.