If labor is the only variable input, a firm's labor demand curve is
a. labor's marginal product curve
b. the upward-sloping portion of its marginal revenue product of labor curve
c. the downward-sloping portion of its marginal revenue product of labor curve
d. the marginal revenue product of labor curve above the reservation wage rate
e. the marginal revenue product of labor curve above the average variable cost curve
C
You might also like to view...
The opportunity cost of going to a particular college is not the same for everyone
Indicate whether the statement is true or false
General Motors Corporation (a U.S.-based firm) produces a Saab vehicle in Sweden, and sells it in the United States. In which country's GDP is it included?
a. Sweden and the United States b. The United States because it was sold there c. The United States because GM is a U.S. company d. Sweden because it was produced there
According to the equation of exchange, the total amount of funds spent on final ______ is equal to the total amount of funds received for the final ______.
a. output; input. b. output; output. c. input; output d. input; input
In general, a change in the price of a good:
A. usually has no effect. B. causes both an income and substitution effect. C. causes a substitution effect only. D. causes an income effect only.