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Economics (AS & A Level) · May / June 2023 · Paper 33 · Question 15

9708Labour market forces and government intervention

Economics textbooks state that labour is a derived demand for a firm in imperfect competition. How is the demand curve for labour derived?

  1. Aby multiplying the average physical product by the average revenue
  2. Bby multiplying the average physical product by the marginal revenue
  3. Cby multiplying the marginal physical product by the marginal cost
  4. Dby multiplying the marginal physical product by the marginal revenue

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Correct answer: D. by multiplying the marginal physical product by the marginal revenue

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