Which of the following statements is true?
A) The higher the labor cost-total cost ratio, the lower the elasticity of demand for labor.
B) The lower the labor cost-total cost ratio, the higher the elasticity of demand for labor.
C) The more substitutes for labor, the higher the elasticity of demand for labor.
D) The fewer substitutes for labor, the higher the elasticity of demand for labor.
Correct Answer:
Verified
Q41: A firm obeys the least-cost rule for
Q50: A measure of the value that one
Q60: For a perfectly competitive firm,
A)VMP > MRP.
B)VMP
C)VMP
Q61: If, at a particular wage rate in
Q61: The nonmoney benefits a person may receive
Q62: Which of the following assumptions is likely
Q64: The market supply curve of labor
A)slopes downward,
Q65: Which of the following can cause an
Q66: Which of the following is a reason
Q71: A decrease in the wage rate
A)shifts the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents