In the market for labor:
A. there is never disequilibrium.
B. firms create the supply.
C. the price in the market is the interest rate.
D. individuals are the sellers of the good.
Answer: D
Economics
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Competition exists among sellers only if they
A) all set price equal to marginal cost. B) are price takers. C) are so numerous that no one of them can affect the price by restricting output. D) receive no special privileges from government. E) struggle to satisfy potential buyers.
Economics
The above figure shows the market for hamburger. Which figure shows the effect of an announcement by the U.S. Food and Drug Administration (FDA)that eating hamburger causes early death?
A) Figure A B) Figure B C) Figure C D) Figure D
Economics