Which of the following assumptions is made while determining equilibrium wage and labor employed in the economy?
a. Information about job vacancies is difficult to obtain for workers.
b. Mobility of workers is limited, i.e., workers can not switch jobs easily.
c. Jobs vary widely in scope and responsibilities.
d. All person-hours of labor are treated as identical.
D
You might also like to view...
Assume someone organizes all farms in the nation into a single-price monopoly. As a result, the amount of food produced
A) remains constant. B) decreases. C) increases. D) might increase or decrease depending on whether the demand for food is elastic or inelastic. E) might increase or decrease depending on whether the monopoly's marginal revenue curve lies below or above its demand curve.
Which of the following statement is true?
a. The demand for Cheerios is less elastic than the demand for cereal b. The demand for gas is more elastic in the short-run than in the long-run c. The demand for puma shoes is more elastic than the demand for shoes d. Products with many complements have a more elastic demand