In a competitive labor market, if the demand for labor decreases, labor demand will shift to the:
A. right and wages will increase.
B. left and wages will increase.
C. right and wages will decrease.
D. left and wages will decrease.
D. left and wages will decrease.
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Linda Evangelista, a supermodel, once said that she "won't get out of bed for less than $10,000 a day." This fee is an example of
A) a reservation wage. B) the demand for Linda's labor. C) a competitive labor market. D) the substitution effect.
An increase in demand for French fries will cause equilibrium wage rates:
a. and quantities of potato workers hired to rise. b. and quantities of potato workers hired to fall. c. to rise and quantities of potato workers hired to fall. d. to fall and quantities of potato workers hired to rise. e. and quantities of potato workers hired to stay the same.