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output price
The ________ and technological change cause the labor- demand curve to shift.
competitive firm
A(n) ________ hires workers until the marginal product of labor's value is equal to the wage.
marginal contribution
Labor, land, and capital each earn the value of its ________ to the production process.
Technological change
________ doesn't benefit all workers.
theory of neoclassical theory of distribution
The ________ explains how labor, land, and capital are compensated for the roles they play in the production process.
curve of labor
The trade off can cause a backward bending supply ________.
Productivity
________ is key in acquiring a higher standard of living.
Capital
________: the equipment and structures used to produce goods and services.
substitution effect
A(n) ________ is when the higher wage increases the cost of leisure but reduces the demand for it.
Factors of production
________: the inputs used to produce goods and services.
income effect
The ________ and substitution effect is conflicting effects on someone's labor supply decision.
Production function
_________________: the relationship between the quantity of inputs used to make a good and the quantity of output of that good.
Marginal product of labor
______________: the increase in the amount of output from an additional unit of labor.
Diminishing marginal product
________________: the property whereby the marginal product of an input declines as the quantity of the input increases.
Note
Flashcard