The change in total output due to the change in one variable input, while holdin

Question

The change in total output due to the change in one variable input, while holding all other inputs constant, is the
a. market demand curve for labor
b. marginal physical product
c. marginal revenue product
d. derived demand for labor

The individual firm operating in a perfectly competitive labor market
a. can hire more labor only by offering a higher wage.
b. faces an inelastic demand for labor
c. will pay less to the additional labor employed
d. can buy all the labor it wants at the going market wage rate

When unions raise wages beyond what productivity increases would permit,
a. more union workers are employed
b. there are higher wages for all union members
c. nonunion workers wages in the economy also increase
d. there is a redistribution of income from low to high seniority workers

Explanation / Answer

1)a 2)d 3)c

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