The wage rate found by the intersection of the market demand and supply curves for labor then determines the
A. labor's supply curve of labor.
B. firm's supply curve for labor.
C. labor's demand curve for jobs.
D. firm's demand curve for labor.
Answer: B
Economics
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Okun's law states that for every 1-percentage-point increase in the cyclical unemployment rate, real GDP growth
A) must increase by 1 percentage point for the economy to keep from experiencing a recession. B) decreases by about 2 percentage points. C) declines for 1 year. D) increases by 1 percentage point.
Economics
An example of a positive economic statement is, "An increase in the price of a product causes consumers to purchase more of that product."
a. True b. False
Economics