Labor Supply Curves to the Competitive Firms

The price taker in labor market: (1) Can set the salary that it will pay for the labor it hires. (2) Can set the salary at which it supplies the use of its labor. (3) Doesn’t care what salary it pays or obtains. (4) Can’t influence the wage recognized by the market.

Find out the right answer from the above options.

View Complete Question

Related Questions in Microeconomics

Q : Marginal cost of the service When

When directory assistance adds to the variable costs of cell phone Company, in that case the efficient price for directory assistance from the vantage point of society as an entire would be: (w) zero. (x) one that covered the average

Q : Example of an explicit cost Which of

Which of the given below is an example of the explicit cost? (i) The owner’s time. (ii) Depreciation on company owned truck. (iii) The interest which could be earned when some of the owner’s funds was not tied up in business. (iv) Salaries paid to the empl

Q : Labor Contracts-Check-off Provisions

I have a problem in economics on Labor Contracts-Check-off Provisions problem. Please help me in the given question. The statement of check-off provision: (1) Was outlawed through Taft Hartley Act. (2) Is unlawful in union shops. (3) Simplifies the un

Q : Economic profits by potential customers

When you lease a building for five years and rapidly achieve economic profits since it is located conveniently for potential customers: (1) you could capitalize some of these pure profits when you sold your business along with a sublease at the ending

Q : Problem on Horizontal Integration I

I have a problem in economics on Horizontal Integration. Please help me in the following question. McDonalds makes hamburgers at a number of various locations. This is an illustration of a: (i) Horizontally integrated firm. (ii) Monopoly. (iii) Vertic

Q : Demands of prosperous American families

The demands of prosperous American families are most likely most income elastic for their: (i) vacations in Hawaii. (ii) higher education. (iii) cell phones. (iv) fast food meals. (v) gasoline. Ple

Q : Exploitation and the Wage Rate Assume a

Assume a neither firm possessing both the monopsony power as an employer and the market power in its output market, however which can neither wage discriminate nor price discriminate. In the equilibrium in its labor market for workers, of the given va

Q : Oligopoly and Economic Welfare Assume

Assume that P = MSB and the firms in an oligopoly are in equilibrium where P>MC. This follows that: (1) P=MSC. (2) MSB>MSC. (3) MSB<MSC. (4) oligopolists will gain zero economic profit. (5) the minimum point on the LRATC curve will achieved i

Q : Goods and service problem The market

The market system's answer to the fundamental question "Who will get the goods and services?" is essentially: 1) "Those willing and able to pay for them." 2) "Those who physically produced them." 3) "Those who most need them." 4) "Those who get utility from them."

Q : Seller in a monopoly market structure A

A monopoly is a type of market structure in that one: (w) seller makes up the industry. (x) giant firm is a price taker. (y) barrier to entry exists. (z) giant firm is the particular buyer of resources.

Discover Q & A

Leading Solution Library

Avail More Than 1435681 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1930002
Asked

3,689

Active Tutors

1435681

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment