What does an upward-sloping supply curve mean? Select one: O a. It means that an increase in the opportunity cost of leisure leads workers to increase the quantity of labour they supply. b. It means that workers prefer to buy more leisure time when their incomes increase. c. It means that workers will be more productive at higher wages. d. It means that workers prefer to supply less labour when wages are high. The figure below represents the value of marginal product for a firm that sells its product in a competitive market. Value of the marginal product Market wage Quanitity of Labour To maximize profit, what quantity of labour will a firm hire? Select one: a. 0 b. a quantity equal to Q C. a quantity less than Q* d. a quantity greater than Q Diminishing marginal product is closely related to Select one: a. diminishing total cost. b. increasing average cost. c. increasing marginal cost. d. diminishing variable cost. When a production function exhibits a diminishing but positive marginal product of labour, which of the following scenarios results? Select one: a. Output increases, but at a decreasing rate, as more workers are employed. O b. Output declines as more workers are employed. c. Profit generally remains constant as output increases. d. Profit generally increases as output increases
What does an upward-sloping supply curve mean? Select one: O a. It me
What does an upward-sloping supply curve mean? Select one: O a. It means that an increase in the opportunity cost of leisure leads workers to increase the quantity of labour they supply. b. It means that workers prefer to buy more leisure time when their incomes increase. c. It means that workers will be more productive at higher wages. d. It means that workers prefer to supply less labour when wages are high. The figure below represents the value of marginal product for a firm that sells its product in a competitive market. Value of the marginal product Market wage Quanitity of Labour To maximize profit, what quantity of labour will a firm hire? Select one: a. 0 b. a quantity equal to Q C. a quantity less than Q* d. a quantity greater than Q Diminishing marginal product is closely related to Select one: a. diminishing total cost. b. increasing average cost. c. increasing marginal cost. d. diminishing variable cost. When a production function exhibits a diminishing but positive marginal product of labour, which of the following scenarios results? Select one: a. Output increases, but at a decreasing rate, as more workers are employed. O b. Output declines as more workers are employed. c. Profit generally remains constant as output increases. d. Profit generally increases as output increases
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