Why Is the Short-Run Labor Demand Curve Less Elastic Relative

question 23

Multiple Choice

Why is the short-run labor demand curve less elastic relative to the long-run labor demand curve?

• A)Because firms care about changes in wages in the short-run but not in the long-run.
• B)Because firms are better able to substitute capital for labor in the long run compared to the short run.
• C)Because labor is a normal good.
• D)Because a perfectly competitive firm can always pay lower wages in the long run.
• E)Because isocost curves get shallower when the wage increases.

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Definitions:

Annual Dividend

The total amount of dividends that a company pays out to its shareholders over a year.

Market Rate

The prevailing interest rate available in the marketplace on investments or loans.

Dividend Growth Rate

The annualized percentage rate of growth of a company's dividend payments, indicating the stability and growth potential of the dividends over time.

Investor's Return

The profit or loss realized by an investor, typically reflected as a percentage of the investment's initial value.