Introduction to Economics 1 Deneme Sınavı Sorusu #1176116
I. The Marginal Revenue Product of Labor (MRPL) means the extra revenue generated by the last hired unit of labor.
II. A rational, profit-maximizing firm in a competitive industry will keep hiring workers until the wage is less the firm's MRPL.
III. Labor demand and supply in the market determine the level of wage and employment, with wage increasing or decreasing as needed to close any gap between demand and supply.
Which of the given statements about the equilibrium in the labour market can be said to be true?
|
Only I |
|
Only II |
|
I and II |
|
I and III |
|
II and III |
Labor demand is closely related to Marginal Revenue Product of Labor (MRPL) which means the extra revenue generated by the last hired unit of labor. A rational, profit-maximizing firm in a competitive industry will keep hiring workers until wage is equal to MRPL. Labor demand and supply in the market determine the level of wage and employment, with wage increasing or decreasing as needed to close any gap between demand and supply.The answer is D.
Yorumlar
- 0 Yorum