Maersk Cuts 10,000 Jobs as Shipping Demand Falls

Maersk already cut 6,500 jobs earlier this year, but the firm says worsening prices for shipping by sea require further job cuts. The Entertainer Toy company, which engages Maersk to ship its freight has seen prices fall from $18,000 per container last year to $2,000 today.—bbc.com

Answer the following questions to check your understanding of the story.

What happened in the market for labor at Maersk?

What happened to Maersk’s value of marginal product of labor?

The value of marginal product of labor _______.

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