The marginal product of labor indicates ________. Therefore the MPL curve is also ________
A) the quantity of labor supplied for a given wage; the equilibrium price of labor
B) the quantity of labor demanded for a given wage; the equilibrium price of labor
C) the quantity of labor demanded for a given wage; the demand curve of labor
D) the quantity of labor supplied for a given wage; the supply curve of labor
E) none of the above
C
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Are some monopolies created by government legislation that gives a firm the unique right to produce a good or service?
What will be an ideal response?
The above figure shows the market for labor. The employer is a monopsony. The firm maximizes its profit by hiring
A) 800 hours of labor at a wage of $5 per hour. B) 600 hours of labor at a wage of $10 per hour. C) 400 hours of labor at a wage of $5 per hour. D) 200 hours of labor at a wage of $5 per hour.
Retained earnings are
A) the funds held back to pay out dividends. B) the funds used to pay corporate taxes. C) profits not given out to stockholders. D) the reason there is double taxation.