The W = MRP ethic states that individuals are paid according to the value of their
22. Technological change that makes workers more productive should increase the demand
23. A firm’s demand for labor depends only on the price of labor.
24. Specialization of labor can result in output increasing at an increasing rate.
25. When diminishing returns set in, total output begins to decrease.
26. If the MRP is less than the wage, the firm should hire more labor.
27. In a perfectly competitive labor market, the total labor cost curve is a straight line starting
at the origin.
28. A decrease in the price of a good will cause a decrease in the firm’s demand for labor.
29. If workers become more productive as a result of a new technology, the demand for these
workers will decrease because the firm will not need to hire as many.
30. If people work less as the wage rate increases, their labor supply curves are backward
31. When demand for labor is highly inelastic, many workers lose their jobs when the
minimum wage is raised.
32. Prolonged war on a country’s home soil is likely to expand a country’s labor supply.
33. Competitive labor markets see firms acting as though the marginal labor cost is constant.
34. Given free mobility of people, wage differentials will contribute to long-term wage
disparities among regions.
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