-In the Above Figure, the Curve Labeled MCL Is the Marginal

question 325

Multiple Choice

-In the above figure, the curve labeled MCL is the marginal cost of labor curve and is used in a

• A) competitive situation in which individual firms cannot influence the wage rate they must pay.
• B) competitive situation in which skill differentials create a difference between what a firm must pay labor versus the wage at which households are willing to supply labor.
• C) monopsony situation in which the firm can influence wages by how much labor it hires, so that the wage rate received by workers is less than the marginal cost of labor.
• D) monopsony situation in which the firm can influence wages by how much labor it hires, so that the wage rate received by workers is greater than the marginal cost of labor.

Understand the role of flexible work arrangements in human resource management.

Grasp the importance of human resource laws on planning processes.

Analyze internal and external supplies of human resources.

Know the steps and methods involved in the human resource planning process.

---

Definitions:

Discretionary Fiscal Policy

Government policy actions, like changing tax rates and spending levels, aimed at influencing economic activity based on current conditions.

Legislative Decision-Making

The process by which elected representatives create, modify, or repeal laws within a governmental legislative body.

Drawn Out

Prolonged over time or made to last longer than necessary, often referring to events or processes.

Consumption Decisions

Choices made by individuals or households on purchasing goods and services with their available income.