Figure 45.3 -In Figure 45.3, the Fact That Workers Must Pay for Pay

question 55

Multiple Choice

Figure 45.3
-In Figure 45.3, the fact that workers must pay for their apprenticeship in order to be certified is shown by

• A)the kinked shape of the new supply curve.
• B)the shift in the old supply curve.
• C)the slope of the old demand curve.
• D)the increase in the demand curve.

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Definitions:

Marginal Revenue Product

The increased earnings resulting from the utilization of one additional unit of a production resource.

Labor Supply

The total hours that workers wish to work at a given real wage rate, reflecting how individuals divide their time between labor and leisure.

Capital

Financial assets or the monetary value of physical assets such as buildings or machinery used by a business to produce goods or services.

Marginal Product

The additional output produced as a result of adding one more unit of a specific input, keeping all other inputs constant.