Labor Is Typically Assumed to Be the Only Variable Input

question 45

Multiple Choice

Labor is typically assumed to be the only variable input in very short-run production systems, and the number of variable inputs increases as we lengthen our planning horizon from short run to long run. What happens to the labor demand curve as we move from short run to long run?

• A) Demand curve becomes less elastic.
• B) Demand curve elasticity does not change.
• C) Demand curve becomes more elastic.
• D) Demand curve becomes upward sloping.

---

Definitions:

Correct Hybridization

The appropriate mixing of atomic orbitals to form hybrid orbitals that can explain the bonding in a molecule.

Atom

The basic unit of a chemical element, consisting of a nucleus of protons and neutrons, surrounded by electrons.

Molecule

The smallest particle in a chemical element or compound that has the chemical properties of that element or compound.

Sigma Bond

A type of covalent bond formed by the head-on overlap of atomic orbitals, involving two electrons shared between two atoms.