Asked by
Skidi Leading
on Oct 12, 2024
Verified
A technological advance that increases the marginal product of labor will
A) decrease the demand for labor.
B) increase the supply for labor.
C) decrease the supply for labor.
D) increase the demand for labor.
Technological Advance
Refers to the improvement and innovation in technology, leading to increased productivity, better products, or new methods of production.
Marginal Product
The additional output resulting from the use of one more unit of a production input, holding other inputs constant.
Labor
The human effort, including physical and mental skills, employed in the production of goods and services within an economy.
- Assess the impact of alterations in productivity, market circumstances, and technological progress on the marginal revenue product and wage earnings.
- Assess the alterations in productivity levels and their repercussions on the requirement for labor.
- Describe the effect of technological advancements on the marginal product of labor and corresponding changes in employment.
Verified Answer
TG
Learning Objectives
- Assess the impact of alterations in productivity, market circumstances, and technological progress on the marginal revenue product and wage earnings.
- Assess the alterations in productivity levels and their repercussions on the requirement for labor.
- Describe the effect of technological advancements on the marginal product of labor and corresponding changes in employment.