Which of the following statements is CORRECT?
A) When workers become more productive, the demand for labor curve shifts rightward.
B) When technology decreases, the supply of labor curve shifts leftward.
C) When labor force participation increases, the supply of labor curve shifts leftward.
D) When human capital increases, the demand for labor curve shifts leftward.
A
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To be certain that exchange between people is mutually beneficial, we generally assume
A) not all people are free to enter the market at will, but once in they are free to make any offer to trade. B) all people have complete information about each other's preferences. C) there are no transaction costs. D) both B and C E) both A and B
A firm that is a monopolist in the output market and a monopsonist in the input market
A) will hire the same amount of labor as if perfect competition prevailed in both markets, but pay a lower wage. B) will restrict the level of output but not that of employment compared to the perfectly competitive case. C) will hire less labor but pay the same wage compared to the perfectly competitive case. D) will hire less labor and pay a lower wage compared to the perfectly competitive case.