Question

Hint: Draw the circular flow model before answering the following questions) Use the following answer for questions 12-18 A. has little or no control over the wage it pays its workers. B. inputs used to produce goods and services C. derived demands. D. Increased E decreases, and the value of the marginal product of labor 12. The factors of production are best defined as the 13. Capital, labor, and land are 14. Capital, labor, and land have 15. To say that a firm is competitive in the labor market is to say that the firm 16. Factor markets are different from product markets in an important way because the demand for factors of production have 17. Typically, as a firm hires additional workers, the marginal product of labor demand curve for groomers. similar to the 18. Consider the labor market for computer programmers. During the late 1990s, the value of the marginal product of all computer programmers increased dramatically. Holding all else equal, the equilibrium quantity in the labor market for computer programmers

Answer 1

Q12) option B)

Q13) option B)

14) option .c)

Derived Demand

15) option A)

A perfectly Competitive firm is a price taker in the market, it can't influence or set the prices .

16) option C)

Derived Demand

17) option E)

As more Labor input is hired, then MPL falls

18) option D)

As VMPL rise,so eqm quantity rise