The short-run demand curve for labor for a firm in any type of market for its output coincides with
a. the upward sloping portion of the marginal revenue product curve.
b. the downward sloping portion of the marginal revenue product curve.
c. the downward sloping portion of the marginal product curve.
d. the marginal labor cost curve.
b. the downward sloping portion of the marginal revenue product curve.
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Which of these policy targets does NOT provide a "nominal anchor?"
A) high-powered money B) the unemployment rate C) the money supply D) the inflation rate
We see permanent price differentials in land because
a. the demand for land is high b. land has few uses c. location is the inherent quality that often determines its value d. real estate brokers are inefficient e. land is not traded in free markets
Which of these is a characteristic of monopolistic competition? a. There are barriers to the entry of new firms
b. There are many firms with no control over price. c. The product of each firm is a close substitute of the products produced by other firms. d. The product of each firm is unique and entirely different from the products produced by other firms.
With regard to preventing entry, if identical firms act simultaneously,
A) they cannot credibly threaten each other. B) they will all incur losses. C) only one firm will enter the market. D) none of them will enter the market.