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Unformatted text preview: quantity demanded, but not demand, for the input will also decrease. FALSE 7 ) Marginal revenue product describes the: Revenue received for the output produced by the last unit of labor employed 8 ) According to proponents of human capital theory, education: (10pts) Increases a worker's productivity 9 ) Why is the demand for labor referred to as a &quot;derived&quot; demand? It stems from the drive to minimize production costs to achieve economic efficiency 10 ) A monopsonist in equilibrium will hire labor at a level where MRP = MRC &gt; W . (10pts) FALSE...
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- Spring '11
- Economics, marginal revenue product, 10pts