Which of the Following Is a Long-Run Impact of an Increase

question 207

Multiple Choice

Which of the following is a long-run impact of an increase in the wage?

• A) The quantity demanded of labor increases because there are no diminishing returns.
• B) The quantity demanded of labor increases because the marginal revenue product curve shifts upward due to a higher product price.
• C) The quantity demanded of labor decreases because firms face a higher degree of diminishing returns.
• D) The quantity demanded of labor decreases because firms will have an incentive to use more of other inputs instead of labor.

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Definitions:

RNA

Ribonucleic acid, a molecule essential for various biological roles, including coding, decoding, regulation, and expression of genes.

Translation

Translation is a biological process by which messenger RNA is decoded by a ribosome to produce a specific amino acid chain, or polypeptide, that will fold into an active protein.

mRNA

Messenger ribonucleic acid, a type of RNA that conveys genetic information from DNA to the ribosome, where they specify the amino acid sequence of the protein products of gene expression.

Ribosome

A ribosome is a cellular organelle that synthesizes proteins by translating messenger RNA into amino acid sequences.