5. Labor market Which of the following events may decrease the marginal product of labor? Check...
5. Labor market
Which of the following events may decrease the marginal product of labor? Check all that apply.
A technological improvement that is substitutable for the labor in this market.
A flood that damages most of the machinery used to make the good, decreasing the capital stock.
Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good.
An increase in the wage rate.
Homework Answers
Question
The marginal product of labor implies the change in output due to employment of one more unit of labor input.
Marginal product of labor gets impacted by the substitution of labor due to technological change or due to change in availability of capital per worker.
So,
Following events may decrease the marginal product of labor -
1. A technological improvement that is substitutable for the labor in this market.
2. A flood that damages most of the machinery used to make the good, decreasing the capital stock.
Add Answer to:
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