A firm's price rises. As a result, the
A) supply of labor to the firm decreases, that is, the labor supply curve shifts leftward.
B) supply of labor to the firm increases, that is, the labor supply curve shifts rightward.
C) demand for labor by the firm increases, that is, the labor demand curve shifts rightward.
D) demand for labor by the firm decreases, that is, the labor demand curve shifts leftward.
C
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Refer to the above figure. The firm is operating using MRP0. An increase in demand for the product has occurred. The relevant curve for the firm after the increase in price
A) is MRP0. B) is MRP1. C) is MRP2. D) could be MRP1 or MRP2 depending upon whether the firm was earning a positive profit.
Which of the following best illustrates perfect competition?
A. wheat farming B. orange growers setting quotas under the Sunkist cooperative C. General Motors advertising campaign for its cars D. Coca-Cola and Pepsi battling for market share