Which of the following statements is true of the market for labor?
A) In the market for labor, the supply curve is always more inelastic than the demand curve.
B) In the market for labor, there is a shortage of labor at the point of intersection of the labor demand and labor supply curves.
C) In the market for labor, there is a surplus of labor at the point of intersection of the labor demand and labor supply curves.
D) In the market for labor, both the equilibrium wage rate and quantity of labor are determined at the point of intersection of the labor demand and labor supply curves.
Question 2
A subsidy is
A) the revenue received from the government to produce a good or service by a public authority.
B) a voucher received by the government from producers of goods and services.
C) a payment that the government makes to private producers of goods and services.
D) a tax imposed on the producers of certain goods or services.
E) a tax imposed on the consumers of certain goods or services.
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