Which of the following statements is true?
a. Derived demand for labor depends on the demand for the product labor produces.
b. Unions can either increase demand or decrease the supply of labor.
c. Investment in human capital is expected to increase the demand for those workers.
d. All of these.
d
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The increase in world oil prices during the 1970s was
a. the result of depletion of world reserves of oil. b. artificially created by OPEC. c. the result of extremely high growth rates in industrialized countries. d. fully reversed by 1982.
The long-run supply curve under pure competition will be:
A. upsloping in an increasing-cost industry and vertical in a constant-cost industry. B. downsloping in a decreasing-cost industry and upsloping in an increasing-cost industry. C. horizontal in a constant-cost industry and downsloping in an increasing-cost industry. D. vertical in a constant-cost industry and upsloping in a decreasing-cost industry.