Question 1
Consider a firm's demand curve for labour. If a technological change makes it harder to substitute capital for labour, the demand curve for labour
◦ becomes more elastic.
◦ becomes less elastic.
◦ shifts parallel to the left.
◦ shifts parallel to the right.
◦ is not affected.
Question 2
The diagram below shows the MRP curve for a firm producing copper plumbing pipe. The factor of production being considered here is hours of labour.
FIGURE 13-1
Refer to Figure 13-1. Assume that the firm is a perfect competitor and the price of the firm's output is fixed. We know that the firm's MRP curve is
◦ horizontal, if the firm is perfectly competitive.
◦ steeper than the firm's marginal product curve for labour.
◦ the same shape as the firm's marginal product curve for labour.
◦ the same shape as the firm's marginal revenue curve.
◦ flatter than the firm's marginal product curve for labour.
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