In a competitive labor market if the wage is $10.00 than the MRC of labor is $10.00. True or false?

Q: Which of the following factors will cause the demand curve for labor to shift to the right? (a) the…

A: The demand curve for labor: The demand curve for labor shows the quantity or number of laborers the…

Q: The backwards bending part of the labour supply happens because the substitution effect is greater…

A: A general labor supply curve shows the relationship between labor and wages. It is an upward sloping…

Q: A firm will be better off by hiring an additional worker only when: The overall benefit is greater…

A: A firm will be better off by hiring an additional worker only.

Q: Is it rational for a firm to hire the 3rd worker? Why and Why not? Is it rational for a firm to hire…

A: This table shows that firm has the production function which exhibits the LAW of Variable proportion…

Q: The information below is for a competitive labor market. A. Calculate the value of the marginal…

A: When offer and demand square measure equal, the labour market is in equilibrium, and E* staff square…

Q: Which would decrease the demand for a particular type of labor? An increase in the prices of the…

A: Labor is defined as the amount of physical, mental, and social effort put by a worker in production…

Q: True or false explain this  a) In a competitive labor market, the price of labor is determined by…

A: a) True, in a competitive market of labor, the price (wages) of labor is determined by the industry…

Q: Labor demand becomes more elastic as the demand for the firm’s output a. becomes more elastic b.…

A: Answer - Need to find- Labor demand becomes more elastic as the demand for the firm’s output…

Q: What will happen to the demand curve if : a. The demand for the product by labor declines b. The…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

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A: 8 adminstrative officers would be hired.

Q: Say that the marginal revenue brought by hiring a worker is at P600/day, and the minimum wage is…

A: Given:Marginal revenue of hiring a labor=P600/dayMinimum wage=P537/day

Q: Which of the following is most likely to accept a large wage demand?     A. An international…

A: Wage is determined  by the labor market forces when Demand and supply for labour intersects each…

Q: In a market with job rationing, O A. labor is allocated by market forces B. the quantity of labor…

A: Often there are situations of imperfect information in job market. This leads to job rationing and…

Q: The market demand for labour is the sum of all the individual firms’ demand curves. Identify four…

A: The market demand for labour is the sum of all the individual firms’ demand curve.

Q: Consider this graph represents McDonald's demand for labor. Choose the 2 scenarios that would shift…

A: According to MPTD (marginal productivity theory of distribution), the demand curve for labour is the…

Q: The current quantity demanded of hairdressers is 40,000, and the average salary in the labor market…

A: The demand for labor expresses the number of workers that all business firms desire to employ at its…

Q: Q.1.20 An upward-sloping labour supply curve illustrates that ceteris paribus; (a) the quantity of…

A: Labor is an important resource used by business companies in making or developing goods and…

Q: If there are N identical workers in the economy, each with the (inverse) labor supply of w=3h+10.…

A: Inverse Labor Supply Function: w=3h+10 Labor Supply Function of each work: h=(w-10)/3 Market Inverse…

Q: One of these four answers could cause the demand curve for labor to shift to the right. Which one?…

A: In the labor market, labor is demanded by firms to get their contribution in production process and…

Q: Explain four ways in which a firm might increase its profits by raising the wages it pays sentence.

A: Efficiency wage theory depicts that the firm will operate more efficiently if it pays the higher…

Q: Predict how each of the following events will raise or lower the equilibrium wage and quantity of…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: (Market Supply of Labor) The following table shows the hours per week supplied to a particular…

A: The labor supply curve illustrates the relationship between the wage rate and the quantity of labor…

Q: This figure below shows the labor market for automobile workers. The curve labeled S is the labor…

A: The optimal level of wages at which a certain number of laborers will be employed is analyzed in the…

Q: when denand for goods and services is high, firm are more likely to hire workers? true or false

A: A rise in the demand for goods and services encourages producers to increases the level of output.…

Q: Which of the following can reduce the marginal revenue product of labor?   Select one: a. A…

A: The Marginal revenue product of labor (MRPL) can be defined as the change in revenue that results…

Q: Which of the following is a characteristic of a purely competitive labor market? Multiple Choice All…

A: Equilibrium is attain where Ls=Ld

Q: Suppose the supply curve of lab assistants is given by w = 8 + 6E, while the demand curve is given…

A: At the equilibrium level both demand and supply are equal to each other.

Q: Tha use of cannabis was legalized in Canada in 2017. Let's assume that the cannabis in Canada sector…

A: The formula: Marginal product =change in total product

Q: True or false explain this  a) In a competitive labor market, the price of labor is determined by…

A: As economies emerged, goods and services were produced that required machinery and labour. With time…

Q: This figure below shows the labor market for automobile workers. The curve labeled S is the labor…

A: The labor demand curve exhibits the desired amount of labor that a production unit likes to hire at…

Q: Which of the following would increase the supply of labor? There’s a decrease in the number of…

A: Supply is the total quantity of products and services that the producer manufacture to sell in the…

Q: Related to the theory of equilibrium in the labor market. Describe the impact of the following…

A: Equilibrium in labor market refers to the equal level of labor demand and labor supply in the…

Q: Which of the following is not correct? In a labor market, the wage adjusts to balance the supply and…

A: Equilibrium wage is determined by the market forces of demand and supply of labor. Marginal product…

Q: To say that a firm is competitive in the labor market is to say that the firm a. has little or no…

A: Answer: Correct option: (b) Explanation: If the firm is competitive in the labor market that means…

Q: Explain labour demand in short with a diagram

A: In economics, demand is the term that is used to define the need/requirement of a product or a…

Q: In the Canadian labour market, demand for labour can be impacted by elasticity of the product in…

A: Basics:- When the labour wage percentage of the final product cost is higher, the demand of labour…

Q: 1. factor markets? take an example 2. changes of labor supply and labor demand? take an example…

A: 1. Factor market is the market where inputs of production are being bought or sold. In other words…

Q: If the efficiency wage theory holds, there will be enough jobs for everyone. workers with jobs will…

A: The labor demand curve is negatively sloped and it shows the inverse relationship between wage rate…

Q: Give three reasons a worker’s wage might be above the level that balances supply and demand

A: Three reasons that a worker's wages might be above the level that balances supply and demand are…