Multiple Choice
If the price of a good increases, then in the market for the type of labor needed to produce this good,
A) employment will decrease.
B) the labor supply will increase.
C) the marginal product (MP) of labor will increase.
D) the marginal revenue product (MRP) of labor will increase.
Correct Answer:
Verified
Correct Answer:
Verified
Q41: The MRP of labor curve is the
Q96: A competitive firm's marginal revenue product of
Q173: Which of the following will not cause
Q174: All firms have to incur costs because
Q180: A firm combines two resources, A and
Q182: For a firm selling its product in
Q251: To maximize profits, a competitive firm will
Q292: To achieve profit maximization, a firm must
Q324: Hiring the profit-maximizing combination of resources ensures
Q356: The demand for a resource will shift