(1) If the demand for product Y increases significantly, then  A- the demand for the labor used to make Y decreases.  B-the quantity of labor supplied to produce Y will decrease.   C-the supply of labor to produce Y will increase.  D-only the quantity demanded of labor increases E-the demand for the labor used to make Y increases

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter14: Labor Markets And Income
Section: Chapter Questions
Problem 1SCQ: Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and...
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(1) If the demand for product Y increases significantly, then 

A- the demand for the labor used to make Y decreases.  B-the quantity of labor supplied to produce Y will decrease.   C-the supply of labor to produce Y will increase.  D-only the quantity demanded of labor increases

E-the demand for the labor used to make Y increases

(2)If the wage in a perfectly competitive labor market is $15 and the marginal product of the last worker employed is 3 units, what must be the market price for the good being produced? Assume a perfectly competitive output market.

A- $5.   B-$12.  C-$15.  D-$18.  E-$45

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