The market demand for labor will be
A) insensitive to the wage rate in the short run.
B) downward sloping.
C) the inverse of the market demand for output.
D) perfectly inelastic.
B
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The following table shows the demand for notebooks of four consumers
Price ($/unit) Consumer 1 Demand (units) Consumer 2 Demand (units) Consumer 3 Demand (units) Consumer 4 Demand (units) $8 8 6 9 10 $6 16 10 15 18 $4 20 13 21 24 $1 22 17 24 27 Define the term "market demand." If these four consumers constitute the entire market, calculate the market demand for notebooks at $1, $4, $6, and $8.
In the Cobb-Douglas production function, Y = KaL1-a, the fraction of income spent as payments to labour is:
A. a. B. 1 - a. C. dependent on the amount of labour employed. D. dependent on the amount of capital employed.