Asked by
Amanda Cordle
on Oct 26, 2024
Verified
(Figure: The Demand for Bricklayers) Use Figure: The Demand for Bricklayers.Which statement is TRUE?
A) Bricklayers should be hired whenever the value of the marginal product of bricklayers is greater than or equal to the market wage rate of bricklayers.
B) The profit-maximizing condition for firms hiring bricklayers is where VMPLbricklayers is less than the market wage rate.
C) The profit-maximizing condition for firms hiring bricklayers is where MPbricklayers equals the market wage rate.
D) Bricklayers should be hired whenever the market wage rate of bricklayers is greater than the value of the marginal product of bricklayers.
Marginal Product
The additional output resulting from the use of one more unit of a productive resource.
Market Wage Rate
The prevailing rate of pay offered for a certain job in the labor market, which can vary based on location, industry, and job requirements.
Bricklayers
Tradespeople who lay bricks to construct brickwork. This involves setting bricks in mortar to build walls, partitions, chimneys, and other structures.
- Comprehend the mechanisms of supply and demand in determining labor market outcomes.
Verified Answer
MS
Learning Objectives
- Comprehend the mechanisms of supply and demand in determining labor market outcomes.