We say that the demand for labor is a derived demand because
A) labor is a necessary input in the production of every good or service.
B) we demand the product that labor helps produce rather than labor service per se.
C) the forces of supply and demand do not apply directly to labor markets.
D) labor is hired using the MRP = MRC rule.
Correct Answer:
Verified
Q2: Marginal product is
A) the output of the
Q3: Harry owns a barbershop and charges $6
Q4: An employer hiring in a competitive labor
Q5: Harry owns a barbershop and charges $6
Q6: Assume labor is the only variable input
Q7: The marginal revenue product schedule is
A) the
Q8: Resource pricing is important because
A) resource prices
Q9: The MRP curve for labor
A) intersects the
Q10: When economists say that the demand for
Q11: The demand for airline pilots results from
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