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The data illustrate that the firm in question is a a.price searcher (monopolist, oligopol

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

a.equals 60.

b.equals 40.

c.equals 24.

d.equals 310.

e.cannot be determined.

 

 

 

97.Refer to Exhibit 27-5. The value of marginal product (VMP) of the third unit of labor equals

a.$70.

b.$420.

c.$300.

d.$700.

e.$105.

 

 

 

98.Refer to Exhibit 27-5. The marginal revenue product of the second unit of labor is

a.$80.

b.$180.

c.$70.

d.$480.

 

 

 

99.Refer to Exhibit 27-5. The marginal revenue product of the fourth unit of labor is

a.$60.

b.$180.

c.$360.

d.$6.

 

 

 

100.Refer to Exhibit 27-5. The marginal revenue product of the first unit of labor is

a.$600.

b.$60.

c.$100.

d.$9.

 

 

 

101.Refer to Exhibit 27-5. The marginal revenue product of the fifth unit of labor is

a.$270.

b.$20.

c.$330.

d.$120.

 

 

 

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.

a.one unit

b.two units

c.three units

d.four units

e.five units

 

 

 

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.

a.one unit

b.two units

c.three units

d.four units

e.five units

 

 

 

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.

Dec 09 2019 Read more Less More

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