Asked by Oreyonda Scott on Jun 14, 2024
Verified
The demand for ________ in a competitive industry depends on its productivity and upon how its product is valued in the marketplace.
A) only skilled labor
B) only unskilled labor
C) only labor in general
D) any factor of production
Competitive Industry
A competitive industry is characterized by many firms competing against each other to sell similar or identical products, with few barriers to entry for new firms.
- Comprehend the function and influence of labor in the production process across various market systems.
- Analyze how changes in product demand and technology affect the marginal revenue product of labor and subsequently labor demand.
Verified Answer
KM
Kristina MatosJun 14, 2024
Final Answer :
D
Explanation :
The demand for any factor of production, including both skilled and unskilled labor, capital, and natural resources, depends on its productivity and the value of what it produces in the market. This principle applies broadly across competitive industries.
Learning Objectives
- Comprehend the function and influence of labor in the production process across various market systems.
- Analyze how changes in product demand and technology affect the marginal revenue product of labor and subsequently labor demand.