Which of the Following Is Correct

question 231

Multiple Choice

Which of the following is correct?

• A)Any event that changes the supply or demand for labor must change the value of the marginal product.
• B)A profit-maximizing firm hires workers so long as the wage rate exceeds the value of the marginal product of labor.
• C)An increase in the supply of labor increases both employment and wages.
• D)A decrease in the demand for labor decreases wages but increases employment.

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Definitions:

Copyrights

Legal rights granted to creators for the protection of their original works, including literary, musical, artistic, and certain other intellectual works.

Barriers to Entry

Restrictions or obstacles that prevent new competitors from easily entering an industry or area of business.

Unlimited Market Power

A hypothetical situation where a company or entity can set the market price for its product without any competitive constraint.

Monopolists

Entities that hold exclusive control over the production and sale of a particular good or service, eliminating competition in the marketplace.