The supply of labor in the classical system is a function of the
a. marginal product of labor.
b. real wage.
c. the public's preference for leisure.
d. money wage.
e. b and c
E
Economics
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If an excess quantity of labor demanded exists in a free market, there is a tendency for
A) quantity supplied to rise. B) the wage rate to fall. C) quantity demanded to fall. D) the wage rate to rise.
Economics
Suppose two goods are perfect substitutes. The price elasticity of demand of one of the goods is
A) 0. B) 1. C) 10. D) infinity.
Economics