Which of the Following Statements Is False

question 11

Multiple Choice

Which of the following statements is false?

• A) If a firm is an imperfect competitor in the labour market, then the labour supply curve is less than perfectly elastic.
• B) If a firm is a perfect competitor in the labour market, then there is no marginal labour cost curve.
• C) If a firm is an imperfect competitor in the labour market, then the employees receive less economic rent than they would if the market were perfectly competitive.
• D) If a firm is an imperfect competitor in the labour market, the labour supply curve that it faces is upward sloping.
• E) If a firm is an imperfect competitor in the labour market, the marginal labour cost curve lies above the labour supply curve.

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Definitions:

Sales

The exchange of a commodity or service for money; the action of selling something.

Human Skill

The ability to work well with others, often considered essential for effective management and team collaboration.

Principle of Reciprocity

A social norm suggesting that a favor done for someone should be reciprocated by them in the future.

Pareto Principle

Also known as the 80/20 rule, it suggests that 80% of effects come from 20% of causes, applicable across various fields.