The Following Problem Involves Some Factoring by Grouping

question 191

Multiple Choice

The following problem involves some factoring by grouping. Remember, before you can divide out factors common to the numerator and denominator of a product, you must factor completely.

---

Definitions:

Labor Supply Curve

The graphical representation of the relationship between different levels of wage and the quantity of labor willing to be supplied.

Monopsony

A market situation where there is only one buyer facing many sellers.

Economic Rent

Earnings exceeding the minimum amount required to keep a factor of production in its current use.

Factor Supply

The total amount of various inputs (like labor, capital, and natural resources) available in the economy for production processes.