Suppose the labor supply curve facing all industries in an economy is a vertical line.Given this,which of the following statements about the supply curve of labor confronting any particular industry is true?
A) The supply curve of labor confronting any particular industry will also be vertical because the aggregate supply curve is a horizontal summation of industry supply curves.
B) The supply curve of labor confronting any particular industry will also be inelastic because the stock of labor in the economy is fixed in the short-run.
C) The supply curve of labor confronting any particular industry will be elastic because labor can shift easily from one industry to another.
D) The supply curve of labor confronting any particular industry will be elastic because labor and capital are perfectly substitutable in the short-run.
Correct Answer:
Verified
Q41: Which of the following conditions would be
Q42: Electricians are employed in multiple industries in
Q43: The long-run industry demand for labor is
Q44: The input demand curve is likely to
Q45: For a competitive industry,the market input demand
Q47: For a competitive firm,with a change in
Q48: The industry demand for an input is
Q49: Which of the following will not determine
Q50: Which of the following is true of
Q51: Which of the following statements is true
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents