Question

1. The increase in the amount of output from an additional unit of labor.

a. Demand curve
b. Supply curve
c. Product of labor
d. Marginal product of labor
2. The graphical representation of the relationship between the wage rate and the quantity of labor firms are willing to hire in a market.
a. Demand curve
b. Supply curve
c. Product of labor
d. Marginal product of labor
3. The graphical representation of the relationship between the wage rate and the quantity of labor workers are willing to provide in a market.
a. Demand curve
b. Supply curve
c. Product of labor
d. Marginal product of labor
4. The additional revenue the firm receives from selling the output produced from an additional unit of labor.
a. Demand curve
b. Supply curve
c. Product of labor
d. Marginal product of labor
5. Which of the following events may increase labor supply? More than one may apply.
a. A decrease in the working population
b. A decrease in the wage rate
c. An increase in women's desire to work rather than stay at home with their kids
d. An increase in the working population

Answer 1

The correct answers are the following:

1 - C

2 - A

3 - B

4 - D

5 - C and D

Step-by-step explanation:

1) The product of labor is a concept developed in economics in order to show the amount of output that a worker adds to a firm.

2) The demand curve of labor is the graphical representation of the relationship between the wage rate and the quantity of labor that the firms are willing to hire in the market where the workers go an offer their job.

3) The supply curce of labor is the graphical representation of the relationship between the wage rate and the quantity of labor that the workers are willing to offer in the market.

4) The marginal product of labor is the increase in the revenue that an additional worker will add to the amount of revenues already been made in the company when the worker is hire and puts himself to work.

5) An increase in the labor supply can happen be either an increase in the working population that increase the amount of supply of labor as well as an increase in the women's desire to work rather than stay at home with their kids.