If the Price of a Good Increases, Then in the Market

question 177

Multiple Choice

If the price of a good increases, then in the market for the type of labor needed to produce this good,

• A) employment will decrease.
• B) the labor supply will increase.
• C) the marginal product (MP) of labor will increase.
• D) the marginal revenue product (MRP) of labor will increase.

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Definitions:

Religious Conviction

A firm belief in a religious doctrine or faith.

Action Guide

A resource or tool that provides advice and strategies to accomplish specific goals or tasks.

Justification

The action of showing something to be right or reasonable, often used in legal and ethical contexts.

Anterior Motive

A motive or reason for action that predates the current situation or decision.