5. Labor market definitions Complete the following table by selecting the term t

Question

5. Labor market definitions Complete the following table by selecting the term that matches each definition on the left. Which of the following events may increase the marginal product of labor? Check all that apply. Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good A technological improvement that is substitutable for the labor in this market A technological improvement that is complementary for this type of labor A decrease in the wage rate Which of the following events may increase the marginal product of labor? Check all that apply. Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good A technological improvement that is substitutable for the labor in this market A technological improvement that is complementary for this type of labor A decrease in the wage rate Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good A technological improvement that is substitutable for the labor in this market A technological improvement that is substitutable for the labor in this market A technological improvement that is substitutable for the labor in this market A technological improvement that is complementary for this type of labor A technological improvement that is complementary for this type of labor A technological improvement that is complementary for this type of labor A decrease in the wage rate A decrease in the wage rate A decrease in the wage rate 5. Labor market definitions Complete the following table by selecting the term that matches each definition on the left. Which of the following events may increase the marginal product of labor? Check all that apply. Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good A technological improvement that is substitutable for the labor in this market A technological improvement that is complementary for this type of labor A decrease in the wage rate Market Labor Demand Curve Market Labor Supply Curve Marginal Product of Labor Value of the Marginal Product of Labor Definition The graphical representation of the relationship between the wage rate and the quantity of labor firms are willing to hire in a market The additional revenue the firm receives from selling 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 market The increase in the amount of output from an additional unit of labor wage rate e wage rate O

Explanation / Answer

1. Match the terms

The graphical representation of the relationship between the wage rate and the quantity of labor firms are willing to hire in a market. MARKET LABOR DEMAND CURVE

The additional revenue the firm receives from selling the output produced from an additinal unit of labor. VALUE OF THE MARGINAL PRODUCT OF LABOR

The graphical representation of the relationship between the wage rate and the quantity of labor workers are willing to provide in a market. MARKET LABOR SUPPLY CURVE

The increase in the amount from an additional unit of labor. MARGINAL PRODUCT OF LABOR

2. Which of the following events may increase the marginal product of labor? Check all that apply.

Solution:

Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good

A technological improvement that is complementary for this type of labor

Explanation: A technological improvement that is substitutable for the labor in this market will cause the marginal product of labor to increase because if the capital is complimentary for this type of labor then there would be an increase in capital, which will cause the marginal product of labor to increase.

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