Asked by
Ireland Horvat
on Oct 12, 2024
Verified
Which statement is false?
A) A firm's marginal revenue product curve for labor is its demand curve for labor.
B) Most desirable jobs are in the primary labor market.
C) Virtually no one today earns economic rent.
D) None of these statements are false.
Marginal Revenue Product
The additional revenue generated from employing one more unit of input, such as labor or capital.
Primary Labor Market
The segment of the labor market that consists of high-paying jobs with good benefits and job security, often requiring higher education or specialized skills.
Economic Rent
The excess payment for a factor of production over its opportunity cost, highlighting the benefits received from a unique advantage or situation.
- Recognize the factors determining the demand for labor and the concept of marginal revenue product.
- Distinguish between primary and secondary labor markets and their characteristics.
Verified Answer
JN
Learning Objectives
- Recognize the factors determining the demand for labor and the concept of marginal revenue product.
- Distinguish between primary and secondary labor markets and their characteristics.