Demand for labor is
a. derived demand.
b. highly elastic.
c. dependant on its supply.
d. directly proportional to capital employed.
a
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What condition has been reached when buyers will purchase exactly as much as sellers are willing to sell?
a. supply and demand b. excess demand c. equilibrium d. price floor
Suppose current government spending decreases and that individuals expect future government spending to decrease. Given this information, in which of the following cases will output in the current period be more likely to increase?
A) Individuals consider only the short run effects of changes in future macro variables when forming expectations of future output and future interest rates. B) Individuals consider only the medium run effects of changes in future macro variables when forming expectations of future output and future interest rates. C) Individuals consider only the long run effects of changes in future macro variables when forming expectations of future output and future interest rates. D) The output effects will be the same in B and C.