If the supply of labor to a firm is perfectly elastic at the going wage rate established by the forces of supply and demand then
A) the firm is price taker.
B) the firm can only hire additional units of labor by driving the wage rate up.
C) the wage rate has been decreasing.
D) full employment exists in the labor market.
Correct Answer:
Verified
Q36: The demand for labor is
A) derived from
Q37: The marginal revenue product curve shifts when
A)
Q38: A firm will not hire additional workers
Q39: When the price of a product decreases,
Q40: When 4 units of labor are employed,
Q42: For a firm in a perfectly competitive
Q43: The marginal physical product of labor for
Q44: A decrease in demand for a product,
Q45: The marginal physical product of labor is
A)
Q46: As a firm hires more workers, holding
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