The supply of labor to an industry will decrease when
A) the price of leisure falls.
B) the income effect dominates the substitution effect.
C) the demand for labor falls in the industry.
D) workers receive better employment opportunities in other industries.
D
You might also like to view...
Real shocks to one area of the economy:
A. can be amplified and transmitted to other areas of the economy. B. generally remain isolated to that area of the economy. C. can cause nominal shocks to other areas of the economy. D. always become weaker as they spread to other areas of the economy.
Suppose consumer preference for beef starts to rise while the cost of raising beef continues to rise. In the market for beef, this would be represented by the equilibrium price ________ and the equilibrium quantity ________
A) increasing; increasing or decreasing B) increasing or decreasing; increasing C) decreasing; increasing or decreasing D) increasing or decreasing; decreasing