Economics

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Economics

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Period 1

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Factor demand is said to be derived demand because it: *

1 point

requires the use of other factors.

depends on product demand

has a downward-sloping demand curve

has a constant marginal factor cost.

Using the chart below. The law of diminishing marginal returns occurs after hiring which worker? *

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First

Second

Third

Fourth

Fifth

Using the chart above. If the price per output is $2 and if each worker receives $40 an hour, how many workers will the owner hire to maximize profits? *

1 point

A firm realizes that it has diminishing returns to labor. This means that *

1 point

its total output decreases as it hires additional units of labor

its total output increases as it hires additional units of labor, but it increases at a decreasing rate.

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