The firm's demand for labor curve is its
A) average product of labor curve.
B) marginal product of labor curve.
C) marginal revenue product of labor curve.
D) average revenue product of labor curve.
Answer: C
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Refer to Figure 4.3. All else equal, an increase in net exports accompanied by a decrease in expected future profits would cause which of the following shifts?
A) S1 to S2 and D1 to D2 B) S2 to S1 and D1 to D2 C) S1 to S2 and D2 to D1 D) S2 to S1 and D2 to D1
The supply curves for labor and capital are ________ and the demand curves for labor and capital are ________
A) upward sloping; downward sloping B) vertical; horizontal C) vertical; downward sloping D) upward sloping; vertical
Lowering the discount rate: a. encourages banks to borrow from the Fed, and they can more easily accommodate their customers' needs for loans. b. encourages business customers to borrow directly from the Fed
c. reduces the amount of reserves banks are required to keep. d. automatically reduces excess reserves. e. encourages banks to sell U.S. government securities and increase their cash reserves.
If a farmer's opportunity cost of producing 10,000 bushels of wheat is 5,000 fewer bushels of soybeans, then her opportunity cost of producing 5,000 bushels of soybeans must be 10,000 fewer bushels of wheat
a. True b. False Indicate whether the statement is true or false