The firm's demand curve for labor is
A) the marginal revenue product curve for labor.
B) the demand curve for the good produced divided by the price of the good.
C) the marginal physical product curve for labor divided by the price of the good.
D) the marginal physical product curve for labor multiplied by the price of labor.
A
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The cross elasticity of demand between apples and oranges is defined as the
A) percentage change in the quantity of apples demanded divided by the percentage change in the price of oranges. B) price elasticity of demand for apples divided by the price elasticity of demand for oranges. C) percentage change in the quantity of apples demanded divided by the percentage change in the quantity of oranges demanded. D) change in the quantity of apples demanded divided by the change in the quantity of oranges demanded.
Which of the following can explain why some countries have not experienced relatively high growth rates in real GDP per capita despite relatively low initial levels of real GDP per capita?
A) Countries that are relatively poor are more likely to experience wars and revolutions. B) Countries that are relatively poor are likely to have a lower quality of health care. C) Many of these developing countries do not have a functioning court system that can enforce laws. D) all of the above
The marginal revenue curve for a monopolist is always below the demand curve
a. True b. False Indicate whether the statement is true or false
Suppose Bev's Bags makes two kinds of handbags-large and small. Bev rents an industrial space where she keeps the fabric, the industrial sewing machine, her measuring board and cutting shears, extra needles, thread and buttons, and labels. Which of the following would be considered a variable cost of this company?
A. The cutting shears B. The fabric C. The rent D. None of these would be considered a variable cost.