Asked by
samantha picon
on Oct 12, 2024
Verified
An increase in the demand for electricians will
A) increase economic rent earned by electricians.
B) decrease the supply of electricians.
C) decrease economic rent earned by electricians.
D) have no effect on economic rent earned by electricians.
Economic Rent
The excess payment made to a factor of production over and above what is needed to bring that factor into productive use.
Electricians
Skilled tradespeople who specialize in the installation, maintenance, and repair of electrical systems and equipment.
- Comprehend the determinants of labor demand and the notion of marginal revenue product.
Verified Answer
AH
Learning Objectives
- Comprehend the determinants of labor demand and the notion of marginal revenue product.