Home / Questions / echnological improvement
echnological improvement (e.g., better capital equipment) will result in a leftward shift
of the marginal revenue product of labor.
12. If Sam’s manufacturing plant is in a perfectly competitive labor market where the current
wage is $14 per hour, his firm can expect to drive up wages if it expands its operations by
50%.
13. Although the law of diminishing returns is widely accepted in economics, it also ensures
that the marginal revenue product must be positive.
14. The truth of the MPP=MRP condition has been implicitly accepted by most businesses
while not explicitly recognizing its legitimacy.
15. A profit-maximizing firm will employ labor up to the point where MRP = wage.
16. The total physical product increases initially at an increasing rate, and then, because of
the law of diminishing returns, at a decreasing rate.
17. The supply curve of labor is upward sloping because the marginal revenue produced by
labor is greater than one.
18. Both an increase in employment opportunities and an increase in immigration lead to a
shift to the right in the supply curve for labor.
19. Minimum wage laws are always beneficial to low-wage workers.
20. Persistent wage differentials between people having different skills violate the W = MRP
ethic associated with the perfectly competitive market for labor.
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