In competitive markets, the elasticity of labor supply is: Susan works 60 hours

Question

In competitive markets, the elasticity of labor supply is:

Susan works 60 hours a week while Rachel works 20 hours because she is unable to find full-time work. Which of the following statements is true?

Assume that a firm is operating in the short run and all resources are fixed except for labor. The total product curve for this firm will increase at a decreasing rate because:

a. inversely proportional to time elapsed since a wage change. b. unrelated to time. c. unity. d. directly proportional to time elapsed since a wage change.

Explanation / Answer

1st question is answered according to chegg policy.

Answer:

Option (d). Is correct answer that's directly proportional to time elapsed since a wage change.

Thanks!

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