The price elasticity of demand for labor will be greater, the
A) greater is the price elasticity of demand for the final product.
B) more difficult it is to employ substitute inputs in production.
C) smaller is the proportion of wage costs in the total cost of production.
D) shorter is the time period under examination.
A
Economics
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The horizontal axis of the aggregate demand and aggregate supply graph has the
a) the price level as measured by the CPI. b) unemployment rate. c) the price level as measured by the GDP deflator. d) output of goods and services.
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The firm in the above figure has a markup of ________ per meal
A) $0 B) $4 C) $8 D) $10 E) more than $10
Economics