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Author Question: The size of the reduction in quantity of labor hired by a firm due to an increase in the wage rate ... (Read 22 times)

shofmannx20

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on: Jul 1, 2018
The size of the reduction in quantity of labor hired by a firm due to an increase in the wage rate depends upon all of the following except
 a. what percentage of total costs are made up of labor costs.
  b. how much quantity demanded in the output market will be reduced by a higher price.
  c. the capital to labor ratio before the wage increase.
  d. how easily other inputs can be substituted for labor.

Question 2

The notion that when the price of an input falls, a firm's marginal cost curve shifts down and overall production increases so that more of every input is employed is known as
 a. the output effect.
  b. the substitution effect.
  c. the input effect.
  d. the cost effect.


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rleezy04

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Reply #1 on: Jul 1, 2018
Answer to Question 1

c

Answer to Question 2

a


shofmannx20

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

ebonylittles

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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