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Sharifah Hafizah
on Oct 12, 2024

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All of the following will increase the demand for labor by firms in an industry except

A) an increase in the price of the product produced by the industry.
B) a decrease in the prices of inputs that substitute for labor.
C) an increase in the marginal product of labor resulting from technological change.
D) an increase in the demand for the product produced by the industry.

Demand for Labor

The total demand for workers in an economy, which is influenced by wages, productivity, and the overall level of economic activity.

Price of Product

The amount of money required to purchase a good or service, determined by factors like cost of production, competition, and demand.

Technological Change

The overall process of invention, innovation, and diffusion of technology or processes.

  • Examine the effects of modifications in productivity, market conditions, and technological advancements on marginal revenue product and wage levels.
  • Ascertain the connection between a firm's demand for labor and inputs and its marginal revenue product.
  • Comprehend changes in productivity and how they affect the need for labor.
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Bridget SaundersOct 15, 2024
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