The derived demand for labor is determined by
A. labor’s wage.
B. labor’s marginal revenue.
C. the marginal cost of the input labor.
D. labor’s marginal revenue product.
Answer: D
You might also like to view...
The theory of intertemporal choice, and the life-cycle and permanent income hypotheses have in common the assumption that ________
A) consumption decisions are affected by current expectations about lifetime resources B) consumption decisions are based on all available information C) current income, rather than expected income, has the greater influence on consumption decisions D) decisions to borrow and save are influenced much more by immediate circumstances than by long-term consequences
Compared to China, the U.S. rate of savings is _____ and our rate of capital formation is _____.
A. lower; lower B. higher; higher C. lower; higher D. higher; lower
Given the production possibilities schedule in Table 0201A, a combination of 23 televisions and 6 personal computers A) is attainable but involves the unemployment of some of societies resources. B) clearly illustrates the trade—off between televisions and computers. C) cannot be produced by society, given its current level of resources and production technology. D) can be produced only if society is willing to have some of its resources used inefficiently.
A shortage means that:
a. Quantity demanded is greater than the quantity supplied at that price b. Quantity demanded is less than the quantity supplied at that price c. Supply of the product is less than the demand d. Demand for a product is less than the supply