If the marginal productivity of labor decreases, then
A) the quantity of labor demanded at every possible wage rate will be less.
B) the quantity of labor demanded at every possible wage rate will be higher.
C) the quantity of labor demanded will not be affected.
D) the demand curve for labor will shift upward and to the right.
A
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The Open Market Committee is composed of
a. the 7 members of the Board of Governors. b. the 7 members of the Board of Governors and the president of the Federal Reserve Bank in New York. c. 12 voting members, and of these, 5 are presidents of regional Federal Reserve banks and the other 7 are the members of the Board of Governors. d. the presidents of each of the 12 Federal Reserve banks.
A production possibility frontier illustrates what ideas about economic scarcity?
A) that limits to production and consumption exist B) that tradeoffs are inevitable C) that resources must be used for production and consumption to take place D) all of the above