The major reason the market demand curve for labor slopes downward is because:
a. at lower wage rates, workers are less willing to supply labor to the market.
b. at lower wage rates, workers are more willing to supply labor to the market.
c. of the law of diminishing marginal product
d. of the law of diminishing marginal resource cost.
c
Economics
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If the price of a commodity increases as the result of increased demand, you would expect the:
A) supply to increase. B) quantity supplied to increase. C) quantity supplied to decrease. D) supply curve to shift to the right.
Economics
The equation Y = A is known as the ________
A) Cobb-Douglas production function B) labor supply curve C) marginal product of labor D) capital-to-employment function
Economics