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Topic: Business
Number of pages / Number of words: 7 / 1926
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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.

Answer: D

11. If a factor of production has many close substitutes, we would expect that its price elasticity of demand would be:

A) unity...


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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.

Answer: A

13...


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