Suppose that,as a result of an increase in the market supply of labor,the wage rate has fallen 10%.After adjusting its employment levels,a firm finds its total wage bill has decreased.This occurrence indicates that the firm's labor demand:
A) is inelastic over this range of wages
B) is elastic over this range of wages
C) is unit elastic over this range of wages
D) was inelastic at the old wage,but is elastic at the new,lower wage
Correct Answer:
Verified
Q50: The contingent work force:
A)has grown about 4
Q51: Skilled labor will benefit from an increase
Q52: If energy and unskilled labor are gross
Q53: Assume that skilled labor and energy are
Q54: The market wage increases from $9 to
Q56: (appendix)An isoquant shows all combinations of:
A)wage rates
Q57: (appendix)At the least-cost combination of capital and
Q58: In his comparison of over 100 studies
Q59: Which of the following can be predicted
Q60: International trade:
A)increases labor demand in some industries
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