The Demand for Labour Depends Primarily on the Additional Output

question 76

Multiple Choice

The demand for labour depends primarily on the additional output produced as a result of hiring an additional worker and

• A)the additional revenue received from selling the output produced as a result of hiring an additional worker.
• B)the payment made to the worker for producing the additional output.
• C)the elasticity of demand for the output produced by the worker.
• D)the number of workers willing to produce the additional output.

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Definitions:

Microeconomics

The branch of economics that focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders.

Macroeconomics

A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, including unemployment, inflation, and economic growth.

Decision-Making Units

Groups or individuals within an organization that have the authority and responsibility to make choices that affect the organization's operations.

Public Policy Implications

The effects or outcomes that governmental policies have on society, including economic, social, or environmental impacts.