Home / Questions / The supply of labor in labor market X is a function of (or depends upon) a.wage rates in

The supply of labor in labor market X is a function of (or depends upon) a.wage rates in

The supply of labor in labor market X is a function of (or depends upon)

a.wage rates in other labor markets.

b.the marginal physical product of workers in any labor market.

c.the price of the product that is produced by workers in labor market X.

d.a and c

 

 

 

149.Which of the following is false?

a.If a firm is a factor price taker, marginal factor cost is constant and equal to factor price. This means a factor price taker pays a wage equal to its marginal factor cost.

b.Firms hire the factor quantity at which marginal revenue product equals marginal factor cost.

c.If a firm is a product price taker, marginal revenue product is greater than value marginal product.

d.If a firm is product price taker and a factor price taker, it pays labor a wage equal to its value marginal product.

 

 

 

150."Screening" is the process used by

a.employers to increase the probability of choosing good employees based on certain criteria.

b.tax evaluators to make sure that business firms pay the amount of taxes they owe.

c.employees to try to get their wages up.

d.employers to spy on their competitors.

e.none of the above

 

 

 

151.When a prospective employer asks a graduating college senior for evidence of his grade point average (GPA), the employer is

a.discriminating against the graduating senior.

b.screening the graduating senior.

c.probably just trying to intimidate the graduating senior.

d.b and c

 

 

 

152.Which of the following is false?

a.A firm minimizes costs by buying factors in the combination at which the MPP-to-price ratio for each is the same.

b.Marginal productivity theory states that firms in competitive or perfect product and factor markets pay factors their marginal revenue products.

c.Marginal factor cost equals the wage rate for a factor price taker.

d.The lower the elasticity of demand for the product labor produces, the higher the elasticity of demand for labor.

 

 

 

153.Which of the following is false?

a.The value marginal product is a measure of the value that each factor unit adds to the firm's product.

b.For a monopolist, value marginal product equals marginal revenue product.

c.A change in the price of the product labor produces or a change in the marginal physical product of labor (reflect in a shift in the MPP curve) will shift the demand curve for labor.

d.For a perfectly competitive firm, value marginal product equals marginal revenue product.

 

 

 

Exhibit 27-8

 

(1)

Quantity of

Factor X(2)

Quantity of

Output(3)

Product

Price(4)

Marginal

Physical Product(5)

Marginal

Revenue Product

020$24

128$24(C)

234$24(A)(D)

337$24(B)(E)

438$24(F)

 

 

154.Refer to Exhibit 27-8. The marginal physical product of the second and third units of factor X, respectively [blanks (A) and (B)], are,

a.19 and 20.

b.4.58 and 4.07.

c.10 and 11.

d.6 and 3.

e.none of the above

 

 

 

155.Refer to Exhibit 27-8. The dollar amounts that go in blanks (C) and (D) are, respectively,

a.$192 and $144.

b.$8 and $8.

c.$190 and $270.

d.$90 and $80.

e.There is not enough information to answer the question.

 

 

 

156.Refer to Exhibit 27-8. The dollar amounts that go in blanks (E) and (F) are, respectively,

a.$6 and $6.

b.$70 and $60.

c.$84 and $72.

d.$72 and $24.

e.There is not enough information to answer the question.

 

 

 

Dec 09 2019 Read more Less More

Answer (UnSolved)

question Subscribe To Get Solution

Recent Questions

Chat Now

Welcome to Live Chat

Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.

Please fill in the form