31. The quantity demanded of labor will decrease if: the productivity of labor i

Question

31. The quantity demanded of labor will decrease if: the productivity of labor increases. the price of labor rises. there is an increase in the supply of a factor labor uses. the price of the product that the labor produces increases. 32. People who have higher levels of human capital will tend to: earn salaries higher than their value of marginal product. earn salaries based on marginal costs of their labor. work only in nonunion jobs. receive higher salaries than those who have lower levels of human capital. 33. Which of the following statements is TRUE? The value of the marginal product of labor equals the marginal product of labor times price. Marginal cost equals change in total revenue divided by the one-unit change in a factor. The value of the marginal product of labor equals a one-unit change in a factor divided by the change in total revenue. The value of the marginal product of labor equals the change in the quantity of a factor times the price of the factor. 34. Median earning in the U.S. labor market is highest for White men, followed by African Americans, followed by women regardless of ethnicity, and then Hispanics. True False 35. At Hamill Manufacturing of Pennsylvania highly skilled senior machinists are paid $70,000, excluding benefits, but the average skilled machinist generates approximately $137,000 in value added. This is due partially to the fact that the wage rate includes other costs, such as employee benefits, that have to be added to the $70,000 salary. False True 31. The quantity demanded of labor will decrease if: the productivity of labor increases. the price of labor rises. there is an increase in the supply of a factor labor uses. the price of the product that the labor produces increases.

Explanation / Answer

31. The quantity demanded of labor will decrease if price of labor that is wage rate rises. If the wage rate rises the demand by the employer for the labor will go down and the firms will only hire more of skilled and productive labor.

32. People who have higher levels of human capital will tend to receive higher salaries than those who have lower levels of human capital.

33. The value of the marginal product of labor equals the marginal product of labor times price.

Related Questions

Navigate

• Browse (All)
• Browse 3
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.