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AQA Economics - Paper 1 - The Labour Market 2023 A+ GRADED

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What is the marginal productivity theory? - ANSWER Says that demand for any factor of production depends on its MRP MRP (marginal revenue product) is what? - ANSWER extra revenue gained from employing one more worker What is the marginal cost (MC) of labour? - ANSWER the cost of employing another worker. Equal to the equilibrium wage in a perfectly competitive market. Why are the MRP/MPP curves downward sloping? - ANSWER the law of diminishing returns When is demand for labour not affected when wages rise? - ANSWER If there is a proportionate rise in productivity The MRP curve is also the demand curve for labour why? What three things affect the shift of the curve - ANSWER It shows the labour demanded at each wage. Price of goods, labour productivity and costs of labour affect the curve shifting.

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  • aqa economics paper 1 the labour market
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