Demanding more labor in competitive fim

A competitive firm will demand more labor when: (1) technological advances favor automation. (2) the price of the firm's output rises. (3) more firms enter the industry. (4) the value of the marginal product is below the wage rate. (5) workers utilized by other firms get more specific training.

Can someone explain/help me with best solution about problem of Economics...

View Complete Question

Related Questions in Microeconomics

Q : Generate additional unit of output

Assume that a firm has some market power but cannot price discriminate. The change in total revenue while the firm generates an additional unit of output is: (i) a downward-sloping curve below the demand curve. (ii) z

Q : Ratio of percentage changes in quantity

The ratio of the percentage change within the quantity of beef sold over the percentage change within the price of pork is: (1) price elasticity of demand for beef. (2) price elasticity of demand for pork. (3) income elasticity of dem

Q : Propensity to consume Propensity to

Propensity to consume: This exhibits the level of consumption at various levels of income in the economy.

Q : Define bank rate Bank rate : This is

Bank rate: This is the rate of interest at which central bank provides loan and advance to commercial banks.

Q : What is APS What is APS? APS = S/Y. It

What is APS? APS = S/Y.It is the ratio of income to saving which is termed as APS.

Q : Total revenue in profit-maximizing

Total revenue (i.e., TR=PQ) for such profit-maximizing competitive firm equals area as: (a) 0P1gq5. (b) 0P1dq4. (c) 0P2cq3. (d) P2

Q : Price cut of Substitutes products When

When a price cut for licorice gummy bears decrease the demand for tuna fish ice-cream, then: (1) Tuna fish ice-cream and licorice gummy bears are the complementary goods. (2) Price hikes for tuna fish ice-cream will decrease the demand for the licorice gummy bears. (3

Q : Needs of families by poverty line

The official “poverty line” computed by the federal government is the income level needed to meet the perceived fundamental needs of families along with differing characteristics as size, location, etc. Therefore, it is based on: (1) a rel

Q : Consequences of the price floor

Consequences of the price floor: The consequences of price floor might be: (A) Surplus of the commodity (B) The government might resort to buffer stocks to absorb the excess in the market at the support price and sells the products to consumers beneat

Q : Determine most price elastic in curve

The part of this supply curve for 2×4s which is most price elastic is in between: (i) point a and point b. (ii) point b and point c. (iii) point c and point d. (iv) point d and point e. (v) point e and point f.

Discover Q & A

Leading Solution Library

Avail More Than 1449329 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1954506
Asked

3,689

Active Tutors

1449329

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment