If the wage rate in a purely competitive labor market decreases,it will cause the:
A) labor supply curve for the industry to shift rightward.
B) labor supply curve for a single competitive firm to shift leftward.
C) marginal resource cost for a single competitive firm in the industry to decrease.
D) marginal resource cost for a single competitive firm in the industry to increase.
Correct Answer:
Verified
Q68: A firm's labor input,total output of labor,and
Q69: If the supply of labor in a
Q70: Q71: If the wage rate in a purely Q72: A characteristic of a purely competitive labor Q74: A firm's labor input,total output of labor,and Q75: A firm in a purely competitive product Q76: A firm has a single wage rate.At![]()
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