Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The demand for labor is described as a derived demand because Group of answer choices it is derived from the demand for products that use

The demand for labor is described as a derived demand because Group of answer choices it is derived from the demand for products that use labor in the production process. it is derived by producers seeking to make profits by starting new businesses. it is derived from government institutions which rely on labor markets for the purpose of raising tax revenue. it is derived by workers seeking to earn income to fund the consumption of goods and services.What is the difference between a firm's marginal revenue and its marginal revenue product? Group of answer choices Marginal revenue is the increase in revenue when a firm raises its output price while marginal revenue product is the increase in marginal product when a firm hires an additional worker. There is no difference between the two terms. Marginal revenue is the change in sales revenue from selling one more unit of output while marginal revenue product is the profit earned from hiring one more worker. Marginal revenue is the change in sales revenue from selling one more unit of output while marginal revenue product is the change in total revenue from hiring one more worker

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ecopolitical Homelessness Defining Place In An Unsettled World

Authors: Gerard Kuperus

1st Edition

1317232704, 9781317232704

More Books

Students also viewed these Economics questions

Question

8. What values do you want others to associate you with?

Answered: 1 week ago