A change in wages causes a: (1) Shift in the marginal revenue product curve for labour; (2) Shift in the marginal physical product curve for labour; (3) Shift in the marginal revenue curve for labour; (4) Movement along the demand curve for labour.
A change in wages causes a: (1) Shift in the marginal revenue product curve for labour; (2) Shift in the marginal physical product curve for labour; (3) Shift in the marginal revenue curve for labour; (4) Movement along the demand curve for labour.
Chapter16: The Markets For Labor, Capital, And Land
Section: Chapter Questions
Problem 8P
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Question
A change in wages causes a:
(1) Shift in the marginal revenue product curve for labour;
(2) Shift in the marginal physical product curve for labour;
(3) Shift in the marginal revenue curve for labour;
(4) Movement along the demand curve for labour.
Q.1.20 An individual’s labour supply curve is positively sloped when:
(1) The substitution effect of a wage increase is positive;
(2) The substitution effect is greater than the income effect;
(3) The income effect of wage increase is negative;
(4) The substitution effect is less than the income effect.
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