The demand for labor depends primarily on the additional output produced as a result of hiring an additional worker and
A) the additional revenue received from selling the output produced as a result of hiring an additional worker.
B) the payment made to the worker for producing the additional output.
C) the number of workers willing to produce the additional output.
D) the elasticity of demand for the output produced by the worker.
A
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We say that goods are complements when they:
A. serve similar-enough purposes that a consumer might purchase one in place of the other. B. are consumed together, so that purchasing one will make a consumer more likely to purchase the other. C. change a consumer's preferences for a good or service. D. can replace something consumers typically purchase at a significantly lower price.
The supply of oil is likely to be
a. inelastic in both the short run and long run. b. elastic in both the short run and long run. c. elastic in the short run and inelastic in the long run. d. inelastic in the short run and elastic in the long run.
Piece rates are typically a solution to the:
A. manager-owner, principal-agent problem. B. owner-worker, principal-agent problem. C. manager-worker, principal-agent problem. D. None of the statements is correct.
Opportunity-cost theory implies that if the public lost most of its interest in spectator sports,
What will be an ideal response?