We assume that when new workers are hired, the marginal physical product of labor will
A) increase because more workers can always get more work done.
B) decrease because the new workers are likely to be less skilled than the previously hired ones.
C) decrease because of the law of diminishing marginal returns.
D) increase because large firms are more efficient.
Correct Answer:
Verified
Q1: If a firm employs a new worker,
Q3: The marginal factor cost of labor is
A)
Q4: A firm will not hire a potential
Q5: The demand for labor is
A) identical to
Q6: Firms will hire workers who
A) have a
Q7: The market demand for labor is
A) upward
Q8: Which of the following would increase the
Q9: When wages rise in an industry due
Q10: In a perfectly competitive market, the firm
Q11: The supply of labor to the individual
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents