13) When the rental rate for capital falls, the ________ capital ________. A) qu

Question

13) When the rental rate for capital falls, the ________ capital ________. A) quantity demanded of; decreases B) quantity demanded of; increases C) demand for; increases D) demand for; decreases E) supply of; increases

14) Which of the following is a correct statement of the relationship between advances in technology and the demand for labor? A) Technology advances when the demand for labor advances. B) The demand for labor always decreases when technology advances. C) The demand for labor always increases when technology advances. D) The demand decreases for some types of labor and increases for other types of labor. E) None of the above answers is correct.

15) The value of marginal product is equal to the A) change in revenue from hiring one more unit of a factor of production. B) additional cost of hiring one more unit of a factor of production. C) change in total cost when one more unit of the product is produced. D) additional revenue from selling one more unit of the product. E) change in total revenue from selling one more unit of product.

Explanation / Answer

(13) The correct answer is option (A).  When the rental rate for capital falls, the quantity demanded of capital falls.

(14) The correct asnwer is option (D). The demand decreases for some types of labor and increases for other types of labor.

(15) The correct asnwer is option (D). The additional revenue from selling one more unit of the product.

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