We Would Expect That a Fall in Labor Supply Will

question 21

Multiple Choice

We would expect that a fall in labor supply will have a proportionately larger effect on the market wage rate when

• A) capital goods exist that can replace many of the workers.
• B) the product produced in the industry has several close substitutes.
• C) the product produced in the industry makes up a large portion of most families' budgets.
• D) labor represents a relatively small portion of total costs.

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