The demand for labor ________and the accumulated skill and knowledge of human is called________
A) is independent of technology; the marginal product of labor
B) increases when productivity rises; technology
C) depends on the nominal wage rate; human capital
D) depends on the real wage rate; human capital

Question

Quizplus · Accepted Answer

The demand for labor depends on the real wage rate, as firms will hire more workers when the wage rate is lower, and fewer workers when the wage rate is higher. The accumulated skill and knowledge of humans is referred to as human capital, which affects the productivity of labor and ultimately contributes to economic growth.

The Demand for Labor ________And the Accumulated Skill and Knowledge