The demand for labor is a derived demand. Employers hire workers until the
a. wage rate equals the average product of labor.
b. wage rate equals the marginal revenue product of labor.
c. last worker hired adds nothing to total output.
d. average product of labor is zero.
b
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Which of the following statements is correct?
A. Because it is subject to change, and frequently does, consumer and business confidence has only a minimal impact on future economic activity. B. Because it has historically remained steady, consumer and business confidence has only a minimal impact on future economic activity. C. Consumer and business confidence is extremely important and can have a great impact on future economic activity. D. Consumer confidence is extremely important and can have a great impact on future economic activity. The same is not true of business confidence.
Since income and substitution effects point in the same direction for normal goods, the leisure demand curve will be shallower if leisure is a normal good than if leisure is an inferior good.
Answer the following statement true (T) or false (F)
Using the demand schedule in the table above, the total revenue a perfectly price discriminating monopolist receives from selling 5 units of output is
A) $5. B) $15. C) $18. D) $25.
Transfer programs are a way to redistribute incomes to address economic inequities
Indicate whether the statement is true or false