Problem
The firm's demand for labor is a derived demand.
a. Explain the law of diminishing marginal returns and show graphically how it affects labor demand curves.
b. Explain and show graphically why the marginal revenue product of labor is the basis for a short-run labor demand curve.
c. Contrast and show graphically the labor demand curves of firms which operate in competitive versus imperfectly competitive output markets.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.