If the price of a good increases, then in the market for the type of labor needed to produce this good:
A. Employment will decrease
B. The labor supply will increase
C. The marginal product (MP) of labor will increase
D. The marginal revenue product (MRP) of labor will increase
D. The marginal revenue product (MRP) of labor will increase
You might also like to view...
A not-for-profit organization conducts several workshops to prevent drug addiction among teenagers. This is an example of ________
A) indoctrination B) backward induction C) anchoring D) sniping
The gains from consumer surplus and producer surplus occur when
A) both consumers and producers engage in voluntary exchange. B) consumers are willing to buy a good but producers are not willing to provide it. C) producers are willing to provide a good but consumers are not willing to pay for it. D) the government supplies the good instead of firms.