Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:A positive supply shock
shifts labor supply curve to the left.
shifts labor demand curve to the left.
shifts labor supply curve to the right.
shifts labor demand curve to the right.
Transcribed Image Text:Firms will hire more workers as long as
the marginal product of labor is positive.
the marginal product of labor is lower than real wage.
the unemployment rate is positive.
the marginal product of labor is higher than real wage.
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