A decrease in the marginal product of labor would be represented by a(n):
a. increase in labor demand.
b. decrease in labor demand.
c. increase in the quantity demanded of labor.
d. decrease in the quantity demanded of labor.
e. increase in wages.
b
You might also like to view...
Which of the following is correct? Price controls
a. always help those they are designed to help. b. never help those they are designed to help. c. often hurt those they are designed to help. d. always hurt those they are designed to help.
Appleville is a village that specializes in all forms of apple products. Suppose that each winter, when no apples are being produced, the aggregate output falls below the long-run output level. What type of fiscal policy might be most effective to correct this problem?
A) Reducing taxes in order to decrease aggregate demand. B) Increasing government spending in order to increase aggregate demand. C) Decreasing government spending in order to increase aggregate demand. D) Increasing taxes in order to increase aggregate demand.
Explain why choice is a basic economic problem faced by every society.
What will be an ideal response?
Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm. 
Figure 15.1 Refer to Figure 15.1. If Dom's Barber Shop is maximizing profit, its total revenue equals
A. $200. B. $320. C. $350. D. $360.