Suppose that employment processes change so that more human capital is required for a given task. The for human capital will shift right, and the rate of return will supply; decrease demand; decrease demand; increase O supply; increase

Suppose that employment processes change so that more human capital is required for a given task. The for human capital will shift right, and the rate of return will supply; decrease demand; decrease demand; increase O supply; increase

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The marginal product of labor is the increase in total product from a Select one: a. one dollar increase in the wage rate, while holding the price of capital constant. b. one unit increase in the quantity of labor, while holding the quantity of capital constant. c. one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit. d. one percent increase in the wage rate, while also increasing the price of capital by one percent.
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