3.5- The Labour Market

Across

• 1. A ... is a market in which there is a single buyer of a good, service or factor of production (9)
• 4. Marginal ... product of labour is the additional ... received by a firm by a firm as it increases output by using an additional unit of labour input (7)
• 6. Marginal ... is a theory which argues that the demand for labour depends upon balancing the revenue that a firm gains from employing an additional unit of labour against the marginal cost of that unit of labour (12, 6)
• 7. ... is demand for a good or service not for its own sake, but for what it produces, e.g. labour is demanded for the output that it produces (7, 6)