One difference between the labor market and markets for goods and services is
A) the demand in the labor market is inelastic; the demand for goods and services may be elastic or inelastic.
B) the supply of labor is perfectly inelastic because the quantity supplied is constant. The elasticity of supply for goods and services is different in different markets.
C) concepts of fairness arise more frequently in labor markets than in the markets for goods and services.
D) in the labor market, firms are suppliers while households are demanders.
Correct Answer:
Verified
Q28: Table 17-2 Q30: Marginal revenue product can be calculated using Q44: The demand for labor is different from Q45: The marginal product of labor is Q46: What is a factor market? Q48: A firm should hire more workers to Q49: The marginal revenue product of labor is Q53: Hotspur Incorporated, a manufacturer of microwaves, is Q58: The term "derived demand" refers to Q59: The benefit to the firm from hiring
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A)the payment
A) It is
A)the demand
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