The substitution effect of a change in wage rate on a firm's demand for labor input will be more significant:
a. the greater the change in output.
b. the more sharply curved are the firm's isoquants.
c. the flatter are the firm's isoquants.
d. the larger the quantity of labor employed.
b
Economics
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An essential characteristic of credit unions is that
A) they are typically large. B) branching across state lines is prohibited. C) their lending is primarily for mortgage loans. D) they are organized for individuals with a common bond.
Economics
An advantage of the household survey over the establishment survey of the labor market is that the household survey
A) is based on actual payrolls, rather than on unverified answers. B) includes the number of self-employed persons. C) includes the number of discouraged workers. D) omits persons employed at newly opened firms.
Economics