If the product produced by workers experiences a decrease in demand, the value of marginal product of labor will:

A. decrease, increasing the demand for labor.
B. increase, increasing the demand for labor.
C. decrease, decreasing the demand for labor.
D. increase, decreasing the demand for labor.

Answer: C

Economics

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The study of how people make decisions in situations where attaining their goals depends on their interactions with others is called

A) game theory. B) dominant strategy equilibrium. C) the prisoner's dilemma. D) Nash equilibrium.

Economics

A dominant strategy

A) is one that a firm is forced into following by government policy. B) involves colluding with rivals to maximize joint profits. C) involves deciding what to do after all rivals have chosen their own strategies. D) is one that is the best for a firm, no matter what strategies other firms use.

Economics