Which of the Following Is NOT True About the Supply

question 31

Multiple Choice

Which of the following is NOT true about the supply of labor to the firm in a competitive labor market?

• A) It is horizontal.
• B) It is perfectly elastic.
• C) It is equal to the marginal expenditure curve.
• D) It is upward sloping.

---

Definitions:

Opportunity Cost

The loss incurred from ignoring the subsequent best alternative in a decision-making scenario.

Constant Rate

A steady, unchanging rate of change in a mathematical or economic process.

Comparative Advantage

The skill of any individual, enterprise, or country in producing a certain good or service with a lesser opportunity cost than that of their competitors.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing an action.