When a firm decides to hire more workers because local wage rates have decreased, this is an example of
a. substitution in consumption.
b. market failure.
c. labor exploitation.
d. substitution in production.
Ans: d. substitution in production.
Economics
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Businesses have two types of cost: fixed and variable.
Answer the following statement true (T) or false (F)
Economics
The U.S. tariff law that set off an international trade war in the 1930s was the
A. Bentsen-Gephardt tariff. B. Smoot-Hawley tariff. C. Landrum-Griffin tariff. D. Taft-Hartley tariff.
Economics