The less freedom people are given to choose the date of their retirement, the
a. more elastic is the supply of labor.
b. less elastic is the supply of labor.
c. flatter is the labor supply curve.
d. smaller is the decrease in employment that will result from a tax on labor.
b
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Refer to Table 17-2. The firm represented in the diagram
A) has market power in the output market. B) has market power in both the factor and product market. C) has market power in the factor market. D) has no market power in the factor or product market.
Suppose a country’s workers can produce 4 watches per hour or 16 rings per hour. If there is no trade
A. the opportunity cost of 1 watch is 4 rings. B. the opportunity cost of 1 watch is 1/4th of a ring. C. the opportunity cost of 1 watch is 5 rings. D. the opportunity cost of 1 watch is 1/5th of a ring.