The demand for labor is a derived demand. Employers hire workers until the:
a. wage rate equals the average product of labor
b. wage rate equals the marginal revenue product of labor.
c. average product of labor is zero.
d. marginal product of labor is zero.
b
You might also like to view...
How would a regulator of a monopoly think differently about regulating price discrimination depending on whether the regulator's objective is to maximize efficiency or to maximize consumer surplus?
What will be an ideal response?
The prisoners' dilemma has an equilibrium in which
A) both players deny. B) both players confess. C) the player who confesses wins. D) the player who denies wins.
Inoculation programs against certain diseases such as small pox, polio, and whooping cough create
a. public goods. b. positive externalities in consumption. c. nonrival goods. d. nonexcludable goods. e. external costs to society equal to the costs of the program.
A practice whereby a seller charges different prices to different consumers of the same product or service is called
a. price discrimination. b. oligopolistic pricing. c. stay-out pricing. d. monopolistic pricing.