A monopolist hiring labor in a perfectly competitive resource market is faced with a:
a. perfectly elastic demand curve for labor.
b. horizontal marginal factor cost curve.
c. perfectly inelastic demand curve for labor.
d. vertical supply curve of labor.
e. positively sloped marginal factor cost curve.
b
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To determine the change in the capital stock, the level of new investment must be adjusted for depreciation because some new investment
A) is not used immediately. B) replaces existing workers. C) is more efficient than existing capital. D) merely replaces existing, but worn out, capital.
Aggregate demand is defined as the total spending
a. of all consumers, business firms, government agencies, and foreigners on final goods and services produced in the United States. b. by all consumers, business firms, government agencies, and foreigners in the United States. c. consumers, businesses, government agencies, and foreigners wish to make in one year. d. of consumers, businesses, and government agencies on final output.