The industry demand for labor in a competitive labor market
a. is the same as the individual demand for labor in a perfectly competitive market
b. is a horizontal curve at the market wage rate
c. slopes upward when there are diminishing returns
d. is the sum of the individual firms' demand curves for labor
e. is downward sloping only if all firms that employ labor are identical
D
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The larger firms in the red-meat industry have blunted the effects of competition by relying on product differentiation, which in effect, creates a downward-sloping demand curve for each firm's product
Indicate whether the statement is true or false
From 1970 to 1998 the U.S. dollar
a. gained value compared to the German mark because inflation was higher in the U.S. b. gained value compared to the German mark because inflation was lower in the U.S. c. lost value compared to the German mark because inflation was higher in the U.S. d. lost value compared to the German mark because inflation was lower in the U.S.