The Figure Given Below Represents Equilibrium in the Labor Market

question 73

Multiple Choice

The figure given below represents equilibrium in the labor market with the demand and supply curves of labor.Figure 14.6
In the figure,
D = MRP implies demand for labor = Marginal Revenue Product
MFC represents Marginal Factor Cost curve
S represents the supply curve of labor

-Other things being equal, the marginal revenue product for labor hired by a firm that is a monopolist in the output market:

• A)is represented by an upward sloping curve.
• B)is equal to the marginal revenue product for labor hired by a perfectly competitive firm.
• C)is less than the marginal revenue product for labor hired by a perfectly competitive firm.
• D)is greater than the marginal revenue product for labor hired by a perfectly competitive firm.
• E)is equal to the value of marginal product of labor.

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Definitions:

Due Process

A judicial principle that guarantees equitable treatment within the regular legal system, particularly as a right of citizens.

Guarantee of Equity

An assurance or policy aimed at providing fair treatment and opportunities for all individuals, often focusing on employment, education, and access to resources.

Nonunion Dispute Resolution

Mechanisms for resolving employment-related conflicts outside of union involvement, often through mediation, arbitration, or internal grievance procedures.

Due Process

The constitutional guarantee that all legal proceedings will be fair and that one will be given notice of the proceedings and an opportunity to be heard before the government acts to take away one's life, liberty, or property.