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Consider the usual case where a higher wage rate increases a firms’ marginal costs. In this case, the industry’s demand curve for labor a. is more wage inelastic than the individual firms’ demand curves would indicate. b. coincides with the horizontal sum of individual firms’ demand curves. c. contains only substitution effects but no scale effects. d. is horizontal at the going wage rate.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91869850

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