Economics Study Set 4

Business

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

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

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In a market economy,the high salaries of some star baseball players such as Adrian Gonzalez,are determined by
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C

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

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Demand in factor markets differs from demand in product markets in that
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B

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The demand for labor is described as a derived demand because
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Which of the following is not an example of a derived demand?
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Marginal revenue product of labor for a competitive seller is
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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?
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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?
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What is the difference between a firm's marginal revenue and its marginal revenue product?
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Figure 17-1 img 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?
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Figure 17-1 img 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?
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Figure 17-1 img 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?
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A firm's demand for labor curve is also called its
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Table 17-1 img -Refer to Table 17-1.The marginal product of the fourth unit of labor is
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Table 17-1 img -Refer to Table 17-1.If the output price is $3,what is the marginal revenue product of the fifth unit of labor?
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Table 17-1 img -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?
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Table 17-1 img -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?
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Firms use information on labor's marginal revenue product to determine
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A reason why a perfectly competitive firm's demand for labor curve slopes downward is that
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