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A reason why a perfectly competitive firm's demand for labor curve slopes downward is that

baileymeredith

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A reason why a perfectly competitive firm's demand for labor curve slopes downward is that

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each additional unit of labor hired is less efficient than previously hired units.

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the extra cost of hiring additional units of labor increases as a firm hires more units of labor.

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in the short run, as more labor is hired, labor's marginal product falls because of the law of diminishing returns.

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the firm's demand curve for the product that uses labor is downward sloping.

Textbook

InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

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shamanie

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