Which of the following events would bring about a change in the value of the marginal product of labor?
a. technological progress that alters the amount a worker can produce
b. a change in the marginal product of labor
c. a change in the price of the product that the firm sells
d. All of the above are correct.
d
You might also like to view...
Based on the production data for Pat's Pizza Parlor in the above table, which worker has the largest marginal product?
A) Worker 1 B) Worker 2 C) Worker 3 D) Worker 4
Explanations for the decline in U.S. productivity in the 1970s and 1980s include all of the following except:
a. difficulties with measuring service sector output. b. the entry into the labor force of many young, inexperienced workers. c. a wave of corporate mergers that reduced competition. d. rising oil prices.
If income tax rates are cut, the size of the budget deficit will necessarily increase
Indicate whether the statement is true or false
Consider a coal mining company that can mine coal this year or next year. As expected future profits increase, the extraction quantity this year:
A. Increases due to a higher user cost B. Increases due to a lower user cost C. Decreases due to a higher user cost D. Decreases due to a lower user cost