Explain how the demand for labor is determined
The demand for labor is the downward-sloping portion of the MRP curve. Demand depends on both MPP and the marginal revenue from selling the output. Only the downward-sloping portion of MRP is relevant; because along the upward-sloping portion, the firm gains by hiring additional workers so long as MRP exceeds wage.
Economics
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At its peak in 1913, the gold standard system had been adopted by_______ of countries.
A) 85% B) 35% C) 13% D) 70%
Economics
The imposition of a per unit tax on a product
A) will cause the supply curve to shift downward and to the right. B) will cause the supply curve to shift upward and to the left. C) will reduce the quantity supplied of the product. D) will encourage producers to increase the quantity supplied of the product.
Economics