What effect does an increase in the price of the firm's output have on its demand curve for labor? Why?
What will be an ideal response?
An increase in the price of its output shifts the labor demand curve rightward. This shift occurs because the value of the additional output produced by each unit of labor has become more valuable as a result of the price hike.
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Gross domestic product is a measure of
A. the size of the largest industry in an economy. B. the money value of all final goods and services produced in a year by the economy. C. the volume of goods and services, which involved in international trade. D. the goods and services produced strictly by corporations. E. the nonmarket production of goods and services.
The law of diminishing returns refers to diminishing
A) total returns. B) marginal returns. C) average returns. D) all of these.
According to 2014 data on the U.S. population, which of the following groups of adults of prime working age (ages 25-54) had the highest labor-force participation rate?
a. white males b. white females c. black males d. black females
The generalized least square (GLS) is an efficient procedure that weights each squared residual by the:?
A. ?conditional variance of ui given xi. B. ?expected value of ui given xi. C. ?inverse of the conditional variance of ui given xi. D. ?square root of the inverse of the conditional variance of ui given xi.