The Demand for Labour Depends Primarily on the Additional Output
The demand for labour depends primarily on the additional output produced as a result of hiring an additional worker and
A) the additional revenue received from selling the output produced as a result of hiring an additional worker.
B) the payment made to the worker for producing the additional output.
C) the elasticity of demand for the output produced by the worker.
D) the number of workers willing to produce the additional output.
To what does the term 'derived demand' refer?
A) The demand for financial products called derivatives.
B) The demand for a factor of production that is derived from the demand for the good the factor produces.
C) A firm's estimated demand curve derived from sales data.
D) A demand curve that derives from the availability of resources.
To what does an increase in the demand for orthodontic services lead?
A) An increase in the supply of orthodontists
B) Lower prices for orthodontic care
C) An increase in the demand for orthodontists
D) A rise in the rates of dental insurance
What is the marginal product of labour?
A) The payment made to workers for their contribution to the output they produce.
B) Equal to the demand for labour.
C) The change in a firm's revenue as a result of hiring one more worker.
D) The additional output a firm produces as a result of hiring one more worker.