Suppose it has just been discovered that working for long periods of time at a computer terminal causes eye strain, poor posture, and stress. We would expect, ceteris paribus, that the supply curve of computer programmers would shift __________ and the wage rate paid to programmers would __________.
64.The marginal productivity theory states that
a.as variable inputs are added to a fixed quantity of other inputs eventually the additional output produced by each additional variable input will decrease.
b.inputs will be used most efficiently when the additional output gained from each type of input is exactly the same.
c.firms in perfectly competitive product and factor markets will pay factors their marginal revenue products.
d.marginally productive inputs (that is, inputs that are not particularly productive) will not be heavily utilized.
65.Marginal productivity theory implies that a worker will be paid an amount
a.equal to his or her contribution to the productive process.
b.less than his or her contribution to the productive process.
c.greater than his or her contribution to the productive process.
d.determined by his or her individual bargaining.
66.Marginal productivity theory implies that a worker will be paid a wage (W) such that
a.W = MRP, but W
c.W = MRP and W = VMP.
d.W = MFC, but W
67.If MRP = VMP = MFC = wages, then the firm is
a.selling its product in a perfectly competitive market and is hiring its labor in a perfectly competitive labor market.
b.selling its product in a perfectly competitive market but is not hiring its labor in a perfectly competitive labor market.
c.not selling its product in a perfectly competitive market but is hiring its labor in a perfectly competitive labor market.
d.neither selling its product in a perfectly competitive market nor hiring its labor in a perfectly competitive labor market.
68.Which of the following statements is true?
a.Employers are not concerned with determining a potential employee's productivity because they know that with experience the employee's output will increase.
b.Employers are not concerned with determining a potential employee's productivity because they realize that they cannot accurately determine it beforehand.
c.Employers are not concerned with determining a potential employee's productivity because they know that they can train the employee after he's hired.
d.Employers are concerned with determining a potential employee's productivity due to the high costs of training new employees.
e.a, b, and c
69.For a factor price taker, the marginal factor cost curve
a.and the factor supply curve both slope upward, but are not identical.
b.and the factor supply curve are identical and horizontal.
c.is horizontal, but the factor supply curve slopes upward.
d.slopes upward, but the factor supply curve is horizontal.
e.and the factor supply curve are identical and slope upward.
70.The additional revenue generated by a firm by hiring one more unit of a factor of production is the
71.The least-cost rule requires that, for every factor, the ratio of the
a.marginal physical product to factor price must be equal.
b.marginal revenue product to factor price must be equal.
c.marginal revenue product to output must be equal.
d.marginal cost to factor price must be equal.
e.b and c
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