Which of the following is not true? Multiple Choice - O The demand for labor for a firm selling in a purely competitive product market is less elastic than the demand for labor for the firm selling under imperfect competition in the product market. All of the other answers are true. The supply of labor for the firm hiring under purely competitive conditions is more elastic than the supply of labor for the firm hiring under imperfectly competitive conditions. The long-run demand curve for labor is more elastic than the short-run demand curve for labor. The market demand curve for labor is more inelastic than the firm's demand curve for labor.
Which of the following is not true? Multiple Choice - O The demand for labor for a firm selling in a purely competitive product market is less elastic than the demand for labor for the firm selling under imperfect competition in the product market. All of the other answers are true. The supply of labor for the firm hiring under purely competitive conditions is more elastic than the supply of labor for the firm hiring under imperfectly competitive conditions. The long-run demand curve for labor is more elastic than the short-run demand curve for labor. The market demand curve for labor is more inelastic than the firm's demand curve for labor.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter26: Factor Markets: With Emphasis On The Labor Market
Section: Chapter Questions
Problem 14QP
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Transcribed Image Text:Which of the following is not true?
Multiple Choice
The demand for labor for a firm selling in a purely competitive product market is less elastic than the demand for labor for the firm selling
under imperfect competition in the product market.
All of the other answers are true.
The supply of labor for the firm hiring under purely competitive conditions is more elastic than the supply of labor for the firm hiring under
imperfectly competitive conditions.
The long-run demand curve for labor is more elastic than the short-run demand curve for labor.
The market demand curve for labor is more inelastic than the firm's demand curve for labor.
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