|Number of pages / Number of words:||7 / 1926|
A characteristic of a purely competitive labor market would be:
A) many firms competing in hiring workers.
B) firms hiring different types of labor.
C) wage maker behavior by the firms.
D) price maker behavior by the firms.
11. If a factor of production has many close substitutes, we would expect that its price elasticity of demand would be:
Choose one of the options below
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The demand for a productive resource is said to be "derived" because the demand for the factor:
A) depends on the demand for the product it is used to make.
B) depends on the demand for a complementary factor.
C) is derived from the state of the economy.
D) is derived from government policy.
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