How is a competitive firm's demand for labor derived when labor is the firm's only variablefactor of production in the short run?
What will be an ideal response?
When labor is the only variable input for a firm in the short run, the firm's demand for labor is the marginal revenue product of labor curve.
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Overbidding in a second-price sealed-bid auction is likely to result in a ________
A) negative consumer surplus B) positive consumer surplus C) zero producer surplus D) negative producer surplus
While increases in population are often seen as a problem by some observers can you think of a way in which an increase in population can be a positive factor?
What will be an ideal response?
If one job applicant truthfully reveals that they subscribe to an industry publication, the job applicant is
A) using the trade publication as a screening tool. B) using the trade publication as a signaling tool. C) using the trade publication as a form of statistical discrimination. D) using the trade publication for the wrong reasons.
You're the president of the United States and your economic advisor tells you that the economy is in a state of stagflation. Are you happy? Stagflation refers to
a. inflation and low unemployment b. high unemployment and low levels of inflation c. high inflation, high unemployment, and low economic growth d. low inflation, low unemployment, and low economic growth e. low inflation, low unemployment, and high economic growth