The market demand curve for labor
A) is the same as the market demand curve for the product labor produces because it is a derived demand.
B) is determined by adding up the quantity of labor demanded by each firm at each wage, holding constant the other variables that affect the willingness of firms to hire workers.
C) is perfectly inelastic because there is a finite number of workers in the market for labor.
D) is determined by adding up the demand for labor by each firm at each wage, holding constant the other variables that affect the willingness of firms to hire workers.
Question 2
Refer to Figure 15-10. Compared to a perfectly competitive market, consumer surplus is lower in a monopoly by an amount equal to the
A) area FGE. B) area FHE. C) area P1P2EF. D) area P1P2GF.
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