If the price of the product produced by labor increases, the marginal revenue product of labor curve will
A. be unaffected because productivity of labor has not changed.
B. become more elastic.
C. shift to the left.
D. shift to the right.
Answer: D
You might also like to view...
________ is the process of determining terms of exchange by individual negotiations between a buyer and a seller
A) Backward induction B) Bilateral bargaining C) Arbitration D) Collective bargaining
A Midwestern wheat farmer faces a horizontal demand curve because
a. it is so large relative to the market as a whole that it has no impact on market price b. it is so small relative to the market as a whole that it has no impact on market price c. it produces a good for which there are no substitutes d. it produces a good for which there are no complements e. it produces a good that no other firm in the industry produces
If the equilibrium price of natural gas is $4 per thousand cubic feet and a price ceiling is imposed at $3 per thousand cubic feet, the result will be:
a. a surplus of natural gas. b. a shortage of natural gas. c. an accumulation of inventories of unsold gas. d. None of these.
In economics, secondary effects refer to the
a. best alternative that must be forgone as the result of a choice. b. unintended consequences of a change that are not immediately identifiable but are felt only with time. c. immediate and visible intended consequences of a change. d. impact of the scarcity of resources on the scarcity of the goods that are produced with those resources.