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Title: 9422 Plus Answes

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Subject: Business
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Date: August 6, 2002
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Length: 7 / 1926
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Other things being the same, if the demand for labor is inelastic: A) decreases in wage rates will result in greater payrolls. B) increases in wage rates will result in greater payrolls. C) decreases in wage rates will increase both employment and worker incomes...

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A characteristic of a purely competitive labor market would be: A) many firms competing in hiring workers. B) firms hiring different types of labor. C) wage maker behavior by the firms. D) price maker behavior by the firms. Answer: D 11. If a factor of production has many close substitutes, we would expect that its price elasticity of demand would be: A) unity...

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