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:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise when the other party has reasonably relied on that promise to their detriment.

Consideration

Something of value promised to another when making a contract, which is required for the contract to be legally binding.

Contract Law

The body of law that regulates the making, enforcement, and interpretation of agreements between parties.

Consideration

Something of value, such as money, goods, or a promise, exchanged between parties in a contract.