An increase in the price of a firm's output
A) raises the value of marginal product of each unit of labor.
B) shifts the firm's demand for labor curve rightward.
C) results in the firm increasing the amount of output it produces.
D) All of the above answers are correct.
D
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If government spending rises but the central bank changes the money supply to prevent income from changing, then
a. both consumption and investment will remain unchanged. b. consumption rises and investment falls. c. investment falls but consumption rises. d. both consumption and investment rises.
The Leontief paradox found that:
a. exports should always be capital intensive. b. imports should always be labor intensive. c. U.S. exports were labor intensive. d. U.S. exports were capital intensive
One explanation for the Leontief paradox is that the US has an advantage and exports goods produced with
What will be an ideal response?
The short-run supply curve of a perfect competitor is
A) its average variable cost curve. B) its marginal revenue curve. C) its entire marginal cost curve. D) its marginal cost curve equal to or above the minimum point on its average variable cost curve.