(1) If the demand for product Y increases significantly, then  A- the demand for the labor used to make Y decreases.  B-the quantity of labor supplied to produce Y will decrease.   C-the supply of labor to produce Y will increase.  D-only the quantity demanded of labor increases E-the demand for the labor used to make Y increases

Economics For Today
10th Edition
ISBN:9781337613040
Author:Tucker
Publisher:Tucker
Chapter11: Labor Markets
Section: Chapter Questions
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(1) If the demand for product Y increases significantly, then 

A- the demand for the labor used to make Y decreases.  B-the quantity of labor supplied to produce Y will decrease.   C-the supply of labor to produce Y will increase.  D-only the quantity demanded of labor increases

E-the demand for the labor used to make Y increases

(2)If the wage in a perfectly competitive labor market is $15 and the marginal product of the last worker employed is 3 units, what must be the market price for the good being produced? Assume a perfectly competitive output market.

A- $5.   B-$12.  C-$15.  D-$18.  E-$45

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