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Answer the following questions:

a) Explain why upward-sloping labor supply curves to firms cause the marginal expense of labor to exceed the wage rate.

b) Why would labor-mobility costs create upward-sloping supply curves for firms?

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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Related questions

Most markets are not monopolies in the real world because:
a. supply curves slope upward.
b. firms usually face downward-sloping demand curves.
c. firms usually equate price with marginal cost.
d. there are reasonable substitutes for most goods.

The market supply curve for labor is upward sloping, but the supply curve of labour for a single firm is horizontal. Explain why.

1. Which of the following is not a difference between the short-run and long-run for a firm?

a) The firm can adjust the level of machines in the long-run, but not in the short-run

b) The firm can adjust the level of labor in the long-run, but not in the short-run

c) The firm can use different technology in the long-run, but not the short-run

d) The firm can enter the market in the long-run, but not in the short-run

 

Questions 2 through 6, consider a competitive market in which all firms are the same and have typical-looking cost curves. 2. Which of the following best describes the short-run supply curve of each firm?

a) Upward sloping

b) A flat part, then an upward sloping part

c) Horizontal

d) Vertical

 

3. Which of the following best describes the short-run market supply in this industry?

a) Upward sloping

b) A flat part, then an upward sloping part

c) Horizontal

d) Vertical

 

4. Which of the following best describes the long-run market supply in this industry?

a) Upward sloping

b) A flat part, then an upward sloping part

c) Horizontal

d) Vertical

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