(1) Labor Demand Curves are a) more elastic in the short-run than in the long run b) less elastic in the short-run than in the long run c) can be upward or downward sloping depending on the relative sizes of the scale and substitution effects of a wage change d) are less elastic the easier it is for the firm to substitute capital for labor
(1) Labor Demand Curves are a) more elastic in the short-run than in the long run b) less elastic in the short-run than in the long run c) can be upward or downward sloping depending on the relative sizes of the scale and substitution effects of a wage change d) are less elastic the easier it is for the firm to substitute capital for labor
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 2QCMC
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![(1) Labor Demand Curves are
a) more elastic in the short-run than in the
long run
b) less elastic in the short-run than in the
long run
c) can be upward or downward sloping
depending on the relative sizes of the scale
and substitution effects of a wage change
d) are less elastic the easier it is for the firm
to substitute capital for labor](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b698725-7bbd-4c71-9d67-b5f8b57e795c%2Fda11d374-bcc1-4f71-8c0f-0815935d1d45%2F1nddwlx_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(1) Labor Demand Curves are
a) more elastic in the short-run than in the
long run
b) less elastic in the short-run than in the
long run
c) can be upward or downward sloping
depending on the relative sizes of the scale
and substitution effects of a wage change
d) are less elastic the easier it is for the firm
to substitute capital for labor
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