When all other influences on firms' hiring plans remain the same, the
A) lower the real wage rate, the greater is the quantity of labor demanded.
B) lower the real wage rate, the greater is the quantity of labor supplied
C) lower the real wage rate, the smaller is the quantity of labor demanded.
D) higher the real wage rate, the greater is the quantity of labor demanded.
E) None of the above answers is correct because firms' hiring decisions depend on how profitable hiring a worker is, which depends on how much added profit the worker can create.
Correct Answer:
Verified
Q22: The length of time people spend in
Q23: If the minimum wage is set
A)below the
Q24: The production function displays
A)normal returns.
B)average returns.
C)diminishing returns.
D)increasing
Q25: The quantity of labor demanded definitely increases
Q26: A country reports that its actual real
Q28: At full employment, actual-------------equals-------------
A)nominal GDP; potential GDP
B)potential
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