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Questions and Answers
What is derived demand for labor?
What is derived demand for labor?
- The demand for labor that is derived from the price of the product the workers are helping produce
- The demand for labor that is derived from the demand for the product or service that the labor is helping produce (correct)
- The demand for labor that is derived from how productive the workers are
- The demand for labor that is derived from the demand for hamburger workers
What does a production function show?
What does a production function show?
- The relationship between inputs and outputs (correct)
- The relationship between the price of the product and the demand for workers
- The relationship between labor and capital
- The relationship between workers and productivity
In the short run, how many inputs are fixed?
In the short run, how many inputs are fixed?
- No inputs
- At least one input (correct)
- Only labor
- Both inputs
What does the demand for workers depend on?
What does the demand for workers depend on?
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What is the total product for a firm in the short run?
What is the total product for a firm in the short run?
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