Labor demand is likely to be high when a. the price of the product is high. the marginal productivity of labor is high. both a and b d. not enough…

1. Labor demand is likely to be high whena. the price of the product is high.b. the marginal productivity of labor is high.c. both a and bd. not enough information2. The marginal rate of technical substitution refers to the slope of the:a. production function.b. labor supply curve.c. isoquant.d. isocost line.

1. Labor demand is likely to be high whena. the price of the product is high.b. the marginal productivity of labor is high.c. both a and bd. not enough information2. The marginal rate of…