Asked by
Angelica Nieto
on Oct 26, 2024Verified
(Figure: The Value of the Marginal Product Curve) Use Figure: The Value of the Marginal Product Curve.In the figure,the VMPL curve will shift to the right if:
A) the wage rate increases.
B) a technological advance makes labor more productive.
C) the price of the good that the labor produces decreases.
D) the wage rate decreases.
VMPL Curve
A graphical representation showing the value of the marginal product of labor, which changes as more labor is employed.
Technological Advance
The development and application of new technologies or improvements in existing technologies, leading to greater efficiency or new capabilities.
- Apprehend the effects of technological evolution on both labor demand and productivity.
Verified Answer
MG
Learning Objectives
- Apprehend the effects of technological evolution on both labor demand and productivity.
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