Which of the following events may increase the marginal product of labor? Check all that apply. An increase in the wage rate A technological improvement that is complementary for this type of labor Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good A technological improvement that is substitutable for the labor in this market
Which of the following events may increase the marginal product of labor? Check all that apply. An increase in the wage rate A technological improvement that is complementary for this type of labor Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good A technological improvement that is substitutable for the labor in this market
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:5. Labor market definitions
Complete the following table by selecting the term that matches each definition on the left.
Definition
The additional revenue the firm receives from selling the
output produced from an additional unit of labor
The graphical representation of the relationship between the
wage rate and the quantity of labor firms are willing to hire
in a market
The graphical representation of the relationship between the
wage rate and the quantity of labor workers are willing to
provide in a market
The increase in the amount of output from an additional unit
of labor
Market Labor
Supply Curve
O
o
Market Labor
Demand Curve
O
O
Which of the following events may increase the marginal product of labor? Check all that apply.
Marginal
Product of
Labor
O
O
An increase the wage rate
A technological improvement that is complementary for this type of labor
Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good
A technological improvement that is substitutable for the labor in this market
Value of the
Marginal Product of
Labor
O
O
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