If labor is the only variable input, a firm's labor demand curve is the
a. entire marginal revenue product of labor curve
b. downward-sloping portion of its marginal revenue product of labor curve
c. downward-sloping portion of its marginal product of labor curve
d. demand curve for the product produced by labor
e. downward-sloping portion of the firm's marginal revenue curve
B
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According to the classical economists,
A. the interest rate will ensure that the amount households plan to save will equal the amount businesses desire to invest. B. the amount households plan to save is determined primarily by their wage. C. increasing government spending is the most reliable method of restoring full employment. D. unemployment is caused by too little spending.
According to the text, government spending accounts for about ________ percent of all U.S. health care expenditures
A) 70 B) 10 C) 30 D) 40
Gasoline and motel rooms are complements for many consumers. When the price of gasoline declines, consumers take longer vacations and rent more motel rooms. Therefore, the cross price elasticity between gasoline and motel rooms is
A. positive. B. more than one because both are luxuries. C. less than one because neither is a luxury. D. negative.
If C = $400, I = $100, G = $50, NX = $30, and NFP = $5, how much is GDP?
A. $585 B. $580 C. $550 D. $575