A firm ʹ s demand curve for labor slopes downwards

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14) A firmʹs demand curve for labor slopes downwards becauseA) of rising marginal product.B) firms supply less labor as the wage rate rises.14)
C) of the law of diminishing marginal returns.D) workers supply less labor services as the wage rate falls.Answer: CDiff: 1Page Ref: 547/547Topic: 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 Thinking4
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15) For a firm that is a price taker in the market for labor, the marginal revenue product of labor equalstheC) marginal product of labor multiplied by the marginal cost of production.15)
D) marginal product of labor multiplied by the wage rate.Answer: BDiff: 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 Thinking16) The change in a firmʹs revenue as a result of hiring one more worker16)Diff: 1Page Ref: 547/547
Topic: 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 Thinking

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Exploring Microeconomics
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Chapter 16 / Exercise 5
Exploring Microeconomics
Sexton
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