If the demand for labor is unchanged, population growth will increase the supply of labor and increase the equilibrium wage.
Indicate whether the statement is true or false
Question 2
If the marginal product of labor is 45 units of output and the marginal product of capital is 56 units of output while the wage rate is 20 per worker and the cost of capital is 28 per machine, are these two inputs being used in the least-cost
combination and what should be done if they are not?