The industry demand curve for labor is the
A) horizontal sum of individual firm labor demand curves.
B) vertical sum of individual firm demand curves.
C) representative firm's demand curve multiplied by the number of firms.
D) none of the above
A
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Which of the following is NOT an application of supply and demand analysis?
A) Understanding changing world economic conditions and their effects on prices B) Evaluating the effects of government price controls on the agricultural industry C) Determining how taxes affect aggregate consumption spending patterns D) all of the above E) none of the above
A. not applicable to economics because economics deals with human beings. B. also known as the economic perspective. C. analysis that moves from broad generalizations called laws to theories and then to hypotheses. D. used by economists and other
social scientists, as well as by physical scientists and life scientists, to formulate and test hypotheses. A. not applicable to economics because economics deals with human beings. B. also known as the economic perspective. C. analysis that moves from broad generalizations called laws to theories and then to hypotheses. D. used by economists and other social scientists, as well as by physical scientists and life scientists, to formulate and test hypotheses.