The Demand Curve for Labour Is the Same as the Firm's

question 10

Multiple Choice

The demand curve for labour is the same as the firm's

• A) marginal revenue curve.
• B) value of marginal product of labour curve.
• C) marginal cost curve.
• D) wage rate curve.
• E) supply of output curve.

---

Definitions:

Total Revenue

The total income received by a company from its sales of goods or services, without any deductions.

Cost Curves

Graphical representations showing how the cost to produce a given level of output changes with the amount of output.

Price-Taker Industry

An industry in which individual companies have no control over the market price of their product; they must "take" the market price as given.

Per-Unit Cost

The cost associated with producing or acquiring one unit of a product or service, calculated by dividing the total cost by the number of units.