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

Question

Quizplus · Accepted Answer

The demand for labor depends on the real wage rate, which is reflected in the opportunity cost of employing labor. Additionally, the accumulated skill and knowledge of human workers is referred to as human capital.

The Demand for Labor ________ and the Accumulated Skill and Knowledge