Which of the following events could increase the demand for labor?
a. a decrease in output price.
b. a decrease in the amount of capital available for workers to use.
c. an increase in the marginal productivity of workers.
d. All of the above are correct.
C
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Between 1960 and 2001, the labor force participation rate increased for each of the following groups except
a. married women b. married men c. single women d. single men
The law of diminishing marginal utility means that: a. marginal utility is maximized when consumers get the same amount of total utility from every good they consume. b. total utility is maximized when consumers get the same amount of marginal utility from the last unit of every good they consume. c. beyond some point, added units of a product provide lower and lower amounts of marginal
utility. d. a consumer would get less utility from the last unit of a good consumed when that good costs $3 than when it costs $1.