If the product produced by workers experiences a decrease in demand, the value of marginal product of labor will:
A. decrease, increasing the demand for labor.
B. increase, increasing the demand for labor.
C. decrease, decreasing the demand for labor.
D. increase, decreasing the demand for labor.
Answer: C
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a. True b. False
For a macroeconomist, the case for aggregation is based on two principles?1) the composition of demand and supply may not matter for some purposes, and 2)
a. during fluctuations markets normally move together. b. individual markets allocate resources efficiently. c. inflation, unemployment, and growth never go together. d. individual markets distribute income efficiently.
If the consumption of a good by one individual does not change the amount of the good available to others, the good is considered to be
a. durable. b. nonrival-in-consumption. c. a common good. d. a natural resource.
A change in expected inflation shifts
a. the short-run Phillips curve, but not the long run Phillips curve. b. the long-run Phillips curve, but not the long run Phillips curve. c. neither the short-run nor the long-run Phillips curve. d. both the short-run and long-run Phillips curve right.