The firm's demand curve for labor is
A. the demand curve for the good produced divided by the price of the good.
B. the marginal physical product curve for labor divided by the price of the good.
C. the marginal revenue product curve for labor.
D. the marginal physical product curve for labor multiplied by the price of labor.
Answer: C
You might also like to view...
In an economy with money, as opposed to barter, people are more likely to specialize in the production of goods and services
Indicate whether the statement is true or false
Refer to the figure above. If this country is labor abundant, then according to the HO theory good X should be ________ intensive
A) capital B) labor C) both capital and labor D) Can't tell without more information
The Employment Act of 1946
a. implies that the government should avoid being a cause of economic fluctuations. b. implies that the government should respond to changes in the private economy to stabilize aggregate demand. c. reflected the ideas promoted in Keynes's influential book, The General Theory of Employment, Interest, and Money. d. All of the above are correct
Geometrically, the marginal product
A. is the slope of the average product curve. B. is the slope of the line joining the origin to the corresponding point on the total product curve. C. is that point at which the total product curve exhibits diminishing returns. D. at any point is the slope of the total product curve at that point.