A firm is holding excess labor. This will
A. decrease the productivity of capital.
B. reduce labor productivity.
C. increase the amount of capital employed.
D. increase labor productivity.
Answer: B
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Large firms are able to lower their costs by taking advantage of ___________________.
Fill in the blank(s) with the appropriate word(s).
In terms of the marginal product of labor, how much labor is needed to produce one more unit of output? If the cost of that labor is w, then how much does one more unit of output cost to produce? If a firm is a perfectly competitive profit maximizer, show why they produce where w equals the marginal revenue product of labor.
What will be an ideal response?
Monopolies will tend to produce a greater quantity and charge higher prices than perfectly competitive industries
a. True b. False Indicate whether the statement is true or false
Which of the following stands true for income inequality?
a. The benefits of increased economic growth are widely shared in the First World countries. b. As a result of globalization, income inequality in China has decreased. c. The decrease in income inequality in China is an effect of socialist policies in that country. d. The gap between rich countries and globalized developing countries has shrunk. e. Internal migration has played a big role in reducing the income inequality in China.