A Firm's Demand Curve for Labour Slopes Downwards Because

question 123

Multiple Choice

A firm's demand curve for labour slopes downwards because

• A)of the law of diminishing marginal returns.
• B)firms supply less labour as the wage rate rises.
• C)workers supply less labour services as the wage rate falls.
• D)of rising marginal product.

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Definitions:

Ethical Relativism

The belief that morality is context-dependent and subjective, varying from one culture or individual to another.

Situational Ethics

An ethical theory that proposes the best ethical action is that which serves the particular circumstances, as opposed to following universal predetermined rules.

Central Authority

The main governing body or administrative organization that has the overarching control or oversight within a certain area or field.

Utilitarianism

An ethical theory that posits the greatest happiness of the greatest number should be the guiding principle of conduct.