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frankster margonis
on Nov 26, 2024

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The labor demand curve of an imperfectly competitive seller is downsloping

A) solely because of diminishing marginal utility.
B) because of both diminishing returns and the necessity to lower price to sell more output.
C) solely because product price must be reduced to sell more output.
D) solely because of diminishing returns.

Labor Demand Curve

A graphical representation showing the relationship between the wage rate and the quantity of labor employers are willing to hire.

Diminishing Returns

A principle stating that if one input in the production of a commodity is increased while other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.

Imperfectly Competitive

A market structure characterized by many producers that have some control over the prices they charge, but where no single firm dominates the market.

  • Assess the influence of market competition on the demand for resources and wage levels.
  • Identify the impact of consumer interest on the income levels of professionals in various sports.
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farhat laljiNov 28, 2024
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