The data illustrate that the firm in question is a
a.price searcher (monopolist, oligopolist, etc.).
b.price taker (perfectly competitive firm).
c.factor price searcher.
d.factor price taker.
96.Refer to Exhibit 27-5. Marginal physical product of the fourth unit of labor
e.cannot be determined.
97.Refer to Exhibit 27-5. The value of marginal product (VMP) of the third unit of labor equals
98.Refer to Exhibit 27-5. The marginal revenue product of the second unit of labor is
99.Refer to Exhibit 27-5. The marginal revenue product of the fourth unit of labor is
100.Refer to Exhibit 27-5. The marginal revenue product of the first unit of labor is
101.Refer to Exhibit 27-5. The marginal revenue product of the fifth unit of labor is
102.Refer to Exhibit 27-5. Assume that the firm is a factor price taker and that the price of a unit of labor is constant at $480. The firm should hire __________ of labor.
103.Refer to Exhibit 27-5. Assume the firm is a factor price taker and that the price of a unit of labor is constant at $360. The firm should hire __________ of labor.
104.A market demand curve for labor shows the quantities of labor demanded by
a.a particular firm in a specific labor market.
b.all the firms in a specific labor market.
c.a particular firm in various labor markets.
d.all the firms in various labor markets.
105.Elasticity of demand for labor is affected by the
a.price elasticity of demand for the product that labor produces.
b.availability of substitute (nonlabor) factors.
c.ratio of labor cost to total cost.
d.all of the above
106.If all the individuals had the same innate and learned skills and abilities, applied the same degree of effort on the job, and worked with the same amount and quality of other factors of production,
a.all labor supply curves would be horizontal.
b.all labor demand curves would be horizontal.
c.wages in different markets would differ less than they currently do.
d.the quantity of labor supplied would decrease in all markets.
e.the demand curve for capital would be upward sloping.
107.An increase in the demand for a good will lead to a
a.rightward shift of the MRP of labor curve.
b.leftward shift of the MRP of labor curve.
c.movement up and along a given MRP of labor curve.
d.movement down and along a given MRP of labor curve.
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