State whether each of the following statements is TRUE or FALSE. 1. The marginal product of...

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State whether each of the following statements is TRUE or FALSE. 1. The marginal product of a worker does not depend on the quality and quantity of the machines with which he or she works. 2. Labor is a unique factor of production because its price is not determined by the supply and demand for it, 3. Noncompeting groups are groups of jobs that are very different. 4. The notion of compensating wage differentials shows that, everything else equal, the wages paid for less desirable jobs will be higher than those paid for more desirable jobs. 5. The two goals of unions, higher pay and greater employment, are not in conflict with each other. 6. Human capital refers to people who lend funds to firms for their investment in capital equipment. State whether each of the following statements is TRUE or FALSE. 1. The marginal product of a worker does not depend on the quality and quantity of the machines with which he or she works. 2. Labor is a unique factor of production because its price is not determined by the supply and demand for it, 3. Noncompeting groups are groups of jobs that are very different. 4. The notion of compensating wage differentials shows that, everything else equal, the wages paid for less desirable jobs will be higher than those paid for more desirable jobs. 5. The two goals of unions, higher pay and greater employment, are not in conflict with each other. 6. Human capital refers to people who lend funds to firms for their investment in capital equipment.

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Question 1The marginal product of a worker does not depend on the quality and quantity of the machines with which he or she works TRUE The marginal pr... View the full answer