If the supply of labor is perfectly inelastic, then an increase in the demand fo

Question

If the supply of labor is perfectly inelastic, then an increase in the demand for labor causes: an increase in the equilibrium quantity of labor employed with no change in the wage rate. an increase in the wage rate with no change in the equilibrium quantity of labor employed. an increase in both the equilibrium quantity of labor employed and the wage rate. no change in either the equilibrium quantity of labor employed or the wage rate. A cartel is: a group of firms in an industry that conspire to keep price high and output low. another name for a natural monopoly. the legal form an oligopoly can take in the United States. a group of small sellers that band together to advertise a general product, such as the American Dairy Association's "Got Milk?" and compaign. If DeBeers has a monopoly in the diamond market, then: DeBeers must be engaging in perfect price discrimination if it is charging every customer the same price for a diamond. the marginal revenue of selling one more diamond is greater than the price of that diamond if DeBeers cannot price discriminate. the marginal revenue of selling one more diamond is less than the price of that diamond if DeBeers cannot price discriminate. the market demand for diamonds is perfectly elastic.

Explanation / Answer

57.An increase in the wage rate with no change in the equilibrium Quantity of labor employed

58. A group of firms in a industry that conspire to keep the price high and output low.

59. The marginal revenue of selling one more diamond is less than the price of that diamond if debeers cann't price discriminate.

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