For a competitive firm, the value of output ___________ and the marginal product of labor ___________ with each additional worker hired.
A. stays constant; decreases
B. increases; decreases
C. increases; increases
D. decreases; stays constant
A. stays constant; decreases
Economics
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Which of the following statements is true of a frictionless labor market?
A) The quantity of labor demanded always exceeds the quantity of labor supplied. B) Firms can instantly hire and fire workers. C) The quantity of labor supplied always exceeds the quantity of labor demanded. D) All firms pay below the equilibrium wage rate.
Economics
In the short-run
A) the aggregate supply curve is upward sloping. B) real GDP is always equal to potential GDP. C) the money wage rate can change. D) the price level does not change.
Economics