A decrease in the demand for fish
A) decreases the value of the marginal product of fishermen, reduces their wage, and reduces employment in the fishing industry.
B) increases the value of the marginal product of fishermen, increases their wage, and increases employment in the fishing industry.
C) decreases the value of the marginal product of fishermen, reduces their wage, and increases employment in the fishing industry.
D) increases the value of the marginal product of fishermen, increases their wage, and decreases employment in the fishing industry.
Correct Answer:
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Q1: Firms are willing to pay more for
Q2: A compensating differential is the difference in
Q3: The most important factors of production are
A)
Q5: A factor exhibits diminishing marginal productivity if
Q6: At least some of the difference in
Q7: If there is a difference in wages
Q8: If a factor exhibits diminishing marginal product,
Q9: If there is an increase in the
Q10: The value of the marginal product of
Q11: An increase in the supply of capital
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