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| Topic: |
Business
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| Number of pages / Number of words: |
7 / 1926 |
Essay's paper body
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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