# Globale Microeconomics

## Quiz 15 :Factor Markets

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A firm's demand for labor is downward sloping because of
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A

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If wages for a certain type of labor were higher in one market than in another, then
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C

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The long-run labor demand curve is relatively flatter than the short-run labor demand curve because, in the short run,
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B

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If a competitive firm faces a competitive labor market, it will hire labor until
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In the short run, a competitive firm has a marginal product of labor, MPL = 5L-0.5. The output price is $10 per unit and the wage is$7 per hour. The short-run labor demand curve for the firm is
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The increase in total revenue due to increasing the amount of labor employed by one unit is called the
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The amount of labor a firm employs depends on
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Suppose the marginal product of labor equals 1/L. If the firm can sell its output for $10 per unit, and the wage is$1 per unit, how many units of labor will the firm hire?
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In the short run, which one of the following causes a competitive firm to hire more labor?
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If a firm buys its labor in a competitive market, then a short-run increase in the price of the firm's output will cause the firm to
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Suppose the marginal product of labor equals 1/L. If the wage is $1 per unit of labor, what is the short-run effect on the firm's labor demand if the price of output were to double? Multiple Choice Answer: Tags Choose question tag In a perfectly competitive resource market the Marginal Revenue Product Curve is Multiple Choice Answer: Tags Choose question tag -The above figure shows a competitive firm's demand for labor assuming that the firm's output sells for$1 per unit. If the wage is $5 per hour, a ten cent specific tax on the good sold by the firm will cause the firm to Multiple Choice Answer: Tags Choose question tag The demand for an input used in a fixed proportions technology Multiple Choice Answer: Tags Choose question tag If a firm is a price taker in both the labor market and the output market, it will Multiple Choice Answer: Tags Choose question tag The profit-maximizing condition for a firm selling its output in a competitive market and buying its resources in a competitive market is Multiple Choice Answer: Tags Choose question tag A change in the wage causes a shift in the supply curve for labor and a Multiple Choice Answer: Tags Choose question tag In a perfectly competitive resource market the labor supply curve facing the single firm is Multiple Choice Answer: Tags Choose question tag -The above figure shows a competitive firm's demand for labor assuming that the firm's output sells for$1 per unit. If the wage is \$5 per hour, the firm will hire