Economics Study Set 4

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

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

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

The demand for labor is described as a derived demand because

Which of the following is not an example of a derived demand?

Marginal revenue product of labor for a competitive seller is

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?

Marginal revenue product for a perfectly competitive seller is equal to

What is the difference between labor's marginal product and marginal revenue product?

What is the difference between a firm's marginal revenue and its marginal revenue product?

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?

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?

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?

A firm's demand for labor curve is also called its

Table 17-1 -Refer to Table 17-1.The marginal product of the fourth unit of labor is

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?

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?

Firms use information on labor's marginal revenue product to determine

A reason why a perfectly competitive firm's demand for labor curve slopes downward is that