Asked by
Tyris Oliver
on Nov 16, 2024Verified
An increase in the output price will increase the firm's demand for labor, all else equal.
Output Price
The price at which a product or service is sold in the market.
Demand for Labor
The quantity of workers that employers are willing and able to hire at different wage levels in a given time period, reflecting the need for labor in producing goods and services.
- Understand the relationship between the cost of products and the need for labor.
Verified Answer
MH
Learning Objectives
- Understand the relationship between the cost of products and the need for labor.
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