How is the diminishing marginal product of labor related to the labor market?Explain

Econ 201
Homework #5
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1. How is the diminishing marginal product of labor related to the labor market? (4)

2. Draw a labor market with a binding price floor. What is the price floor called? What is the result of this? (10)

3. Give two reasons why professors who teach finance might make more than professors who teach German (6)

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