The Market Supply Curve for Any Particular Category of Labor

question 32

Multiple Choice

The market supply curve for any particular category of labor is

• A)Likely to be backward-bending
• B)Likely to be upward sloping
• C)Equal to the horizontal summation of the VMP_L curves for that category of labor
• D)Steeper than the horizontal summation of the VMP_L curves for that category of labor

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Definitions:

Labor

The human effort, either physical or mental, that is used in the production process to generate goods or services.

Marginal Product

The rise in production resulting from the use of one more unit of input.

Coffee House

A place that primarily serves coffee and other beverages, and which often serves as a gathering place for community interaction or relaxation.

Coffee Machines

Devices designed for brewing coffee, which can range from simple stove-top percolators to sophisticated, programmable electric drip coffee makers.