ECO 550 Week 10, Chapter 15 and 16, Quiz 8 - 1. Which of...

1. Which of the following is a cost borne by an employee?
The cost incurred in looking for alternative job opportunities
A fall in overall productivity as a result of hiring the wrong person
The cost of training in the new firm
The cost of extra work done by existing employees due to an unfilled position
Question 2
1. An important distinction between the labor market and the market for commodities is:
Question 3
1. A written contract between an employer and an employee creates value as long as:
Question 4
1. Marginal product of labor is:
Question 5
1. In competitive markets, the elasticity of labor supply is:
unrelated to time.
inversely proportional to time elapsed since a wage change.

unity.
directly proportional to time elapsed since a wage change.