# Economics Study Set 4

## Quiz 17 :The Markets for Labor and Other Factors of Production

Showing 1 - 20 of 149
In a market economy,the high salaries of some star baseball players such as Adrian Gonzalez,are determined by
Free
Multiple Choice

C

The labor market is considered as one of the more important markets in an economy because
Free
Multiple Choice

A

Demand in factor markets differs from demand in product markets in that
Free
Multiple Choice

B

The demand for labor is described as a derived demand because
Multiple Choice
Which of the following is not an example of a derived demand?
Multiple Choice
Marginal revenue product of labor for a competitive seller is
Multiple Choice
Suppose you have worked at a local sandwich shop for six months and now you plan to ask your manager for a raise.How can you convince your manager that you are worth more money than you are currently being paid?
Multiple Choice
Marginal revenue product for a perfectly competitive seller is equal to
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What is the difference between labor's marginal product and marginal revenue product?
Multiple Choice
What is the difference between a firm's marginal revenue and its marginal revenue product?
Multiple Choice
Figure 17-1 Figure 17-1 shows the marginal revenue product for Dale's Hand-Sewn Doilies, a producer of linen doilies. -Refer to Figure 17-1.If the wage rate is $40,how many workers should Dale hire? Multiple Choice Answer: Figure 17-1 Figure 17-1 shows the marginal revenue product for Dale's Hand-Sewn Doilies, a producer of linen doilies. -Refer to Figure 17-1.If Dale can sell her doilies at$2 each,what is the marginal product of the 5th worker?
Multiple Choice
Figure 17-1 Figure 17-1 shows the marginal revenue product for Dale's Hand-Sewn Doilies, a producer of linen doilies. -Refer to Figure 17-1.Suppose the market price of doilies rises to $3.What happens to the curve given in the diagram? Multiple Choice Answer: A firm's demand for labor curve is also called its Multiple Choice Answer: Table 17-1 -Refer to Table 17-1.The marginal product of the fourth unit of labor is Multiple Choice Answer: Table 17-1 -Refer to Table 17-1.If the output price is$3,what is the marginal revenue product of the fifth unit of labor?
Table 17-1 -Refer to Table 17-1.Suppose the output price is $3.If the firm represented in the table is maximizing its profit by hiring six workers,what is the wage rate? Multiple Choice Answer: Table 17-1 -Refer to Table 17-1.Suppose the output price is$3.If the wage rate is \$90,what is the profit-maximizing quantity of labor that the firm should hire?