The Labour Market Flashcards by 9C Stacey Nsom Elomo

Q

What is meant by the derived demand for labour?

A

Labour is not demanded for the workers themselves, but for what they can produce and what the output can be sold for

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Q

What is the demand for labour based on?

A

The marginal physical product of labour
The marginal revenue
Therefore, the marginal revenue productive of labour (MRPL)

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Q

A

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