We would expect that a rise in labor supply will have a proportionately larger effect on the market wage rate when
A) the demand for labor is unitary elastic.
B) the demand for labor is inelastic.
C) the supply for labor is elastic.
D) the demand for labor is elastic.
Answer: B
Economics
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An apple orchard currently hires 10 workers. The owner estimates that hiring an additional worker would increase apple yields by 20 bushels per day. The price of apples is $15 per bushel. The owner should hire the extra worker if the wage rate is no greater than:
a. $50 per day. b. $150 per day. c. $200 per day. d. $300 per day.
Economics
The money price of a good is also known as its
A) relative price. B) comparative price. C) absolute price. D) subjective price.
Economics