Suppose a change in technology increases the marginal product of labor. The result is a(n):
A. downward movement along the demand for labor curve.
B. rightward shift in the demand for labor curve.
C. leftward shift in the demand for labor curve.
D. upward movement along the demand for labor curve.
Answer: B
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for almonds. Which panel best describes what happens in this market when there is an increase in the productivity of almond harvesters?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
An increase in the price of crude oil, a basic input into the production of gasoline, is likely to
A. put downward pressure on the price of gasoline. B. put upward pressure on the price of gasoline. C. decrease the demand for gasoline. D. increase the quantity of gasoline demanded.
An unregulated natural monopoly can lead to
A. Higher prices for consumers. B. Loss of economies of scale. C. An optimal mix of output. D. Marginal cost pricing.
Refer to the table shown. If the average product is 6, the number of workers could equal:Number of workersTotal output142103184285356417458489501049
A. 5. B. 7. C. 1. D. 3.