Chapter 14: Problem 2
When the demand for wheat rises, the demand for farm labor (LO1) a) rises b) falls c) may rise or fall
Chapter 14: Problem 2
When the demand for wheat rises, the demand for farm labor (LO1) a) rises b) falls c) may rise or fall
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Get started for freeDerived demand is the demand for (LO1) a) final goods and services b) resources c) final goods as well as services and resources d) neither final goods and services nor resources
The most important influence on a firm's demand for a factor of production is (LO4) a) the quantities of other resources b) the prices of other resources c) its productivity d) the demand for the final product
If the MRP of the last worker hired is lower than the wage rate, the firm has ( \(\mathrm{LO})\) a) hired too many workers b) hired too few workers c) hired the right number of workers
Automation will raise the level of employment if the (LO5) a) output effect is equal to the substitution effect b) output effect is greater than the substitution effect c) substitution effect is greater than the output effect
A firm will try to be in each of these situations except (LO6) a) MRP of capital = Price of capital b) MRP of land/Price of land \(=1\) c) \(1-\) Price of labor \(=\) MRP of labor d) MRP of land/Price of land = MRP of labor/Price of labor
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