1. Which of the following determine an individual's wage?
I the individual's skills
II. the productivity of the firm the individual works in
III. the shape of the individual's labor supply curve
A) I and II
B) I and III
C) II and III only
D) I, II, and III
2. If the price of output in an industry falls, firms in that industry will ______ labor.
A) increase their demand for
B) increase their supply for
C) decries their demand for
D) decries their supply for