Asked by
Imily Menorath
on Oct 12, 2024Verified
All of the following affect the demand for labor by a firm except
A) the amount of labor that will be supplied at different wages.
B) the level of demand for the firm's products.
C) the marginal physical product of the labor.
D) the marginal revenue the firm receives for its products.
Demand For Labor
The total amount of hours of work that employers are willing to pay for at a given wage rate in the economy.
Marginal Physical Product
The additional output produced by employing one more unit of a specific factor of production, holding all other factors constant.
Marginal Revenue
The additional revenue earned by a firm for selling one more unit of a good or service, crucial for decision-making on production levels.
- Recognize the factors impacting the desire for labor and supplementary resources.
Verified Answer
NA
Learning Objectives
- Recognize the factors impacting the desire for labor and supplementary resources.