Hello there, can you please assist with the following Select one correct answer for each of the following Q1.Which of the following will NOT shift the market supply of labour curve? (a) A change in the wages of the labourers. (b) A change in migration. (c) A change in the size of the population due to a change in birth or death rates. (d) Trade union action. Q.2.An upward-sloping labour supply curve illustrates that ceteris paribus; (a) the quantity of labour supplied and the hours of work per week are directly related. (b) the quantity of labour supplied and the price of labour used to produce output are inversely related. (c) individuals use higher income to buy back leisure time. (d) a greater quantity of labour would be supplied at higher wage rates. Q.3.Which of the following statements about a monopoly is true? (a) The monopolist has a flat demand curve because of high barriers to entry. (b) For a monopolistic firm, profit will be maximised where price = marginal revenue. (c) In the long run, a monopolist can earn only normal profits. (d) Price, in the long run, is not usually equal to the minimum average total
Hello there, can you please assist with the following
Select one correct answer for each of the following
Q1.Which of the following will NOT shift the market supply of labour curve?
(a) A change in the wages of the labourers.
(b) A change in migration.
(c) A change in the size of the population due to a change in birth or death
rates.
(d) Trade union action.
Q.2.An upward-sloping labour supply curve illustrates that ceteris paribus;
(a) the quantity of labour supplied and the hours of work per week are
directly related.
(b) the quantity of labour supplied and the price of labour used to produce
output are inversely related.
(c) individuals use higher income to buy back leisure time.
(d) a greater quantity of labour would be supplied at higher wage rates.
Q.3.Which of the following statements about a
(a) The monopolist has a flat demand curve because of high barriers to entry.
(b) For a monopolistic firm, profit will be maximised where price = marginal
revenue.
(c) In the long run, a monopolist can earn only normal profits.
(d) Price, in the long run, is not usually equal to the minimum
cost
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