Examlex

Solved

An Individual's Supply Curve of Labor Is Backward Bending When

question 57

Multiple Choice

An individual's supply curve of labor is backward bending when:


Definitions:

Marginal Product

The additional output resulting from the use of one more unit of a particular input, holding other inputs constant.

Total Product

The total output produced by a firm or within an economy.

Average Product

The output per unit of input, such as the quantity of goods produced per worker.

Law Of Diminishing Returns

The principle that as successive increments of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decrease.

Related Questions