Refer to Figure 1 The labour fouce is ?

Related Mcqs:

A profit maximising firm will employ labour up to the point where ?

A. Marginal revenue = marginal product B. Marginal cost = marginal product C. Marginal revenue product = average cost of labour D. Marginal revenue product = marginal cost of labour...

If people are made unemployed because of a fall in aggregate demand this is known as ?

A. Frictional unemployment B. Seasonal unemployment C. Cyclical unemployment D. Structural unemployment...

The natural rate of unemployment is likely to fall if ?

A. unemployment benefits increase B. Income tax increases C. More training is available for the unemployed D. Geographical immobility increases...

In a perfectly competitive labour market firms are wage takers and the marginal cost of labour equals?

A. The average cost of labour B. The marginal product C. The marginal revenue D. The total cost of labour...

If the real wage is too high in the labour market ?

A. The quantity demanded of labour is higher than the quantity supplied B. The quantity demanded of labour equals the quantity supplied C. The quantity demanded of labour is lower than the quantity supplied D. It will automatically adjust in the short run to bring equilibrium...