If the price of labor goes up and a firm replaces some workers with more machines,this is the _______ effect;when the price of a resource declines,and consequently the level of production rises,this is the _______ effect.
Correct Answer:
Verified
Q168: A firm will keep hiring more workers
Q169: If the wage rate were $45,how many
Q170: Is the firm a perfect competitor or
Q170: Is the firm a perfect competitor or
Q171: The MRP is the additional _ obtained
Q172: If land and capital are complementary resources
Q174: If land and labor are complementary resources
Q175: Is the firm a perfect competitor or
Q177: A firm uses 10 acres of land
Q178: A firm has 8 workers and each
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