If the price of the product produced by labor increases, the marginal revenue product of labor curve will
A. be unaffected because productivity of labor has not changed.
B. become more elastic.
C. shift to the left.
D. shift to the right.
Answer: D
Economics
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On a line chart, the income of a consumer is measured along the horizontal axis, and his consumption is measured along the vertical axis. The slope of the line is equal to:
A) change in consumption plus change in income. B) change in consumption minus change in income. C) change in consumption multiplied by change in income. D) change in consumption divided by change in income.
Economics
Which of the following costs always declines as output increases?
A) Average cost B) Marginal cost C) Fixed cost D) Average fixed cost E) Average variable cost
Economics