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Microeconomics Study Set 46

Business

Quiz 13 :

Factor Markets

Quiz 13 :

Factor Markets

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(Figure: Budget Constraint I) If Aleksandra was getting paid $20 per hour, then received a raise of $10 per hour, which graph would best illustrate her new budget constraint? img
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B

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Table (Baristas Labor I). Suppose that the wage rate for baristas is $9 per hour and the average price of cappuccino is $4.45. img Suppose the productivity of workers increases by 10% compared to the output shown in the table. The profit-maximizing quantity of labor would now be ____.
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D

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A union faces a labor demand curve given by MRPL = 100 - 5L. If the union wishes to maximize the total wages of its membership, members will earn an average wage of $____.
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C

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A monopsony has a marginal revenue product curve of MRPL = 100 - l and faces a labor supply curve of W = 1.5l. How many workers will the monopsony hire?
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A pizza shop's marginal product of labor, measured as the number of pizzas delivered per week, is MPL = 55 - 5L, where L is the number of workers. The average price of a pizza in this highly competitive market is $10. The shop can hire workers at the market wage of $300 per week. The marginal product of labor for the fourth worker is ____.
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Suppose the demand faced by a labor monopsony is W = 20,000 - 50l, where W is the annual wage and l is the number of workers hired. The labor supply is given by W = 5,000 + 75l. The monopsony will pay a wage equal to:
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(Figure: Labor Union Wages I) The figure represents a labor union with wage in dollars and quantity of labor in hundreds of hours. img If the labor union chooses to maximize profit, how many workers will it supply?
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(Figure: Marginal Productivity of Apple Pickers I) Assume that the marginal productivity of apple pickers has increased. Which graph best illustrates this change? img
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A pizza shop's marginal product of labor, measured as the number of pizzas delivered per week, is MPL = 55 - 5L, where L is the number of workers. The average price of a pizza in this highly competitive market is $10. The shop can hire workers at the market wage of $300 per week. There is a diminishing marginal product of labor when worker number ____ is hired.
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Which of the following statement(s) is (are) true? I. A labor union can choose to maximize profit, maximize total wages of its members, or accept the competitive wage. II. The number of workers employed when a union is present is generally greater than the number employed in a perfectly competitive labor market. III. The wage rate paid to union workers typically exceeds that of workers in a competitive market.
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(Figure: Budget Constraints and Indifference Curves I) The figure shows budget constraints and indifference curves for a representative individual. Identify the substitution effect of the increase in the wage rate in the associated graph. img
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A monopsony has a marginal revenue product curve of MRPL = 100 - l and faces a labor supply curve of W = 1.5l. How many workers will the price taker hire?
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(Figure: Budget Constraints and Indifference Curves I) The figure shows budget constraints and indifference curves for a representative individual. Identify the income effect of the increase in the wage rate in the associated graph. img
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Which of the following is NOT a goal of a labor union?
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(Figure: Budget Constraint I) If Jude gets paid $20 per hour, which graph best illustrates their budget constraint? img
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Assume that the labor market is in equilibrium. An increase in the availability of public transportation would shift labor __________ the equilibrium wage and _____ the amount of labor employed.
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Table (Baristas Labor I). Suppose that the wage rate for baristas is $9 per hour and the average price of cappuccino is $3. img The profit-maximizing quantity of labor is ____.
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A pizza shop's marginal product of labor, measured as the number of pizzas delivered per week, is MPL = 55 - 5L, where L is the number of workers. The average price of a pizza in this highly competitive market is $10. The shop can hire workers at the market wage of $300 per week. The marginal product of labor for the second worker is ____.
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Assume there is a decrease in the demand for soda, some of which comes in aluminum cans. In the market for bauxite, the main mineral source of aluminum, the equilibrium price would _____ and the equilibrium quantity would _____.
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(Figure: Budget Constraint I) If Katarina earns $20 per hour but can work only 4 hours per day, which graph best illustrates her budget constraint? img
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