The demand for labor is a derived demand. Employers hire workers ...

[sc00by25]

The demand for labor is a derived demand. Employers hire workers until the:
 a. wage rate equals the average product of labor.
 b. wage rate equals the marginal revenue product of labor.
  c. average product of labor is zero.
 d. marginal product of labor is zero.

Question 2

Mention some areas where partnerships are common. Give reason for your answer.

[Liamb2179]

Answer to Question 1

b

Answer to Question 2

The areas where partnerships are common include single-purpose ventures where the scope for disagreement is likely to be small and long-term plans need not be made, for example, the purchase and remodeling of a building that the partners intend to resell. Professional group practices in medicine, law, and accounting, are another example. Partners in such groups will have similar backgrounds and skills, and each of their incomes will largely be determined by individual effort. It is thus relatively easy to evaluate potential new partners, to change existing agreements that treat partners symmetrically, and to evaluate an individual partner's performance.

[sc00by25]

Excellent

[Liddy]

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