Quiz_172 - TRUE\/FALSE. 41 Answer True 41 False Diff:1 PageRef:546\/546 T

Quiz_172 - TRUE/FALSE. 41 Answer True 41 False Diff:1...

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TRUE/FALSE. WriteʹTʹif the statement is true andʹFʹif the statement is false.41) Labor demand is considered a derived demand because producers do not demand labor for itselfbut only because labor is used to produce output that consumers desire.41)Answer:TrueFalseDiff: 1Page Ref: 546/546Topic: The Demand for LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking42) The marginal product of labor is the increase in output as a result of hiring an additional workerwhile the marginal revenue product of labor is the increase in profit as a result of hiring anadditional worker.42)Answer:TrueFalseDiff: 1Page Ref: 546/546Topic: Marginal Revenue Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking43) Technological advancements that increase laborʹs productivity shift the labor supply curve to theright.43)Answer:TrueFalseDiff: 2Page Ref: 550/550Topic: The Demand for LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking, Use of Information Technology44) A profit-maximizing firm should hire workers up to the point where laborʹs marginal revenueproduct equals the wage rate.44)Answer:TrueFalseDiff: 2Page Ref: 547/547Topic: Marginal Revenue Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective ThinkingSHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
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  • Spring '11
  • Lee
  • Economics, Harshad number, AACSB, Page Ref

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