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An increase in a perfectly competitive firm's demand for labor could be caused by

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An increase in a perfectly competitive firm's demand for labor could be caused by

Question 1.

If a worker can produce 20 units of output which can be sold for $4 per unit, what is the maximum wage that firm should pay to hire this worker?

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$80

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It depends on what the going wage rate is in the labor market.

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$80 minus the firm's profit markup

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There is insufficient information to answer the question.

Question 2.

An increase in a perfectly competitive firm's demand for labor could be caused by

▸

an increase in the market demand for the firm's product.

▸

a decrease in the marginal product of workers.

▸

a decrease in the market wage rate.

▸

an increase in the quantity of labor supplied.

Textbook

InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

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