Question

1. When an additional worker is hired they will produce additional output, the additional unit of...

1. When an additional worker is hired they will produce additional output, the additional unit of labor is called ________.

A. the total product of labor

B. the market for labor

C. the marginal product of labor

2. The concept of derived demand of labor means that

A. supply for labor will increase from a demand for output.

B. demand for labor is decreased from a demand for output.

C. demand for labor is created from a demand for a good or service

Business   Economics   
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Homework Answers

Answer #1

1. The correct answer is 'Option C'.

The marginal product of labor is the additional output produced when an additional unit of labor is employed. It is calculated as a change in the total product. Therefore, the correct answer is 'Option C'.

2. The correct answer is 'Option C'.

The derived demand of labor means that the demand of labor depends on the demand of the good that the worker is producing. So, the demand of labor is created by the demand of good or service. Therefore, the correct answer is 'Option C'.

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