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linhhh linhhh
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5 years ago

Question 1.

As more output is produced, the marginal product of labor declines

• because of the law of diminishing returns.

• if firms reduce the wage paid to labor.

• if the firm's output supply curve is inelastic.

• because the firm's marginal revenue declines.

Question 2.

A firm's demand curve for labor slopes downwards because

• of the law of diminishing marginal returns.

• firms supply less labor as the wage rate rises.

• workers supply less labor services as the wage rate falls.

• of rising marginal product.
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
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n00835996n00835996
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