Answer the following statement true (T) or false (F)
1) The demand for labor is a derived demand, whereas the demand for capital is not.
2) The MRP of labor curve is the firm's labor demand curve.
3) Marginal revenue product (MRP) is the change in total product (total output) associated with
hiring an additional unit of labor.
4) A firm should reduce its employment of a resource whose marginal resource cost exceeds its
marginal revenue product.
1) F
2) T
3) F
4) T
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The main goal of monetary policy for recent Fed Chairmen has been to maintain high employment in labor markets
Indicate whether the statement is true or false
Which of the following World War I (1914–18) institutions reappeared in various forms during the Great Depression and/or World War II (1941–45)?
(a) The U.S. Grain Corporation (b) The War Industries Board (c) The United States Housing Corporation (d) All of the above