Economics · Factor Pricing

If firms are competitive and profit-maximizing, the demand curve for labor is determined by:

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1the value of the marginal product of capital
2the offsetting income and substitution effect
3the value of the marginal product of labor✓
4the opportunity cost of workers' time

Correct answer

the value of the marginal product of labor

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If firms are competitive and profit-maximizing, the demand curve for labor is determined by:

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If firms are competitive and profit-maximizing, the demand curve for labor is determined by:

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