Cengage INDTAP work (Ch 18) Today at1159 PM EST 10Late Strmission uti Dec 3 at 1

Question

Cengage INDTAP work (Ch 18) Today at1159 PM EST 10Late Strmission uti Dec 3 at 1159 PM EST is allowed, with a one time 25% penalty to Labor market aerinitions brnitted score. omplete the following table by selecting the term that matches each definition on the left Market Market LaborLabor Value of the Demand Curve Product of Marginal Product Definition Curve of Labor The graphical representation of the relationship between the wage rate and the quentity of labor firms are willing to hire in a market The increase in the amount of output from an adational unit of labor The additional revenue the firm receives from seling the output produced from an additional unit of labor The graphical representation of the relationship between the wage rate and the quantity of labor workers are willing to provide in a Which of the following events may decrease labor demand? Check al chat apply. Bad weather that causes a decrease in supply and a rise in price for one of the inputs used to make the good he increase in the An increase in the output price

Explanation / Answer

1) the first definition matches Market Labor Demand Curve; it shows the relationship between wage rate and the labor demanded by firms.

2) Marginal Product of Labor; its the change in output with an additional unit of labor.

3)Value of marginal product of labor.

4)Market Supply Labor Curve;  it shows the relationship between wage rate and the labor supplied by workers.

Multiple Choice;

1. Doesnt decrease labor demand

2. An increase in wage rate doesnt shift the demand curve. There only a movement along the curve hence, labor demand doesnt change.

3.  When output price rises, the labor demand curve shifts to the right – more labor is demanded at each wage. Thus there is an increase in labor demand.

4. When output price falls, less labor is demanded at each wage. Thus market labor demand falls.

Ans. Option 4, output price falls.

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