Exam 27: Factor Markets: With Emphasis on the Labor Market

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The market demand curve for labor is the horizontal summation of the firms' demand curves (MRP curves)for labor.

(True/False)
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For wage rates to be the same in various labor markets,four conditions must exist: (1)demand for every type of labor must be __________; (2)no special __________ aspects to any job; (3)all labor is ultimately __________ and can __________ be trained for different types of employment; and (4)all labor is mobile at __________.

(Multiple Choice)
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Exhibit 27-l Exhibit 27-l    -Refer to Exhibit 27-1.For this firm,the demand curve for factor X is -Refer to Exhibit 27-1.For this firm,the demand curve for factor X is

(Multiple Choice)
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When a firm decides whether or not to relocate its production to another country,they must consider both the pay of the workers and the marginal productivity of the workers.

(True/False)
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Marginal revenue product (MRP)is the

(Multiple Choice)
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Exhibit 27-l Exhibit 27-l    -Refer to Exhibit 27-l.What dollar value goes in blank (B)? -Refer to Exhibit 27-l.What dollar value goes in blank (B)?

(Multiple Choice)
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Which of the following can change the wage rate in labor market A?

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The elasticity of demand for a factor is lower,

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Exhibit 27-5 Exhibit 27-5    -Refer to Exhibit 27-5.The marginal revenue product of the fifth unit of labor is -Refer to Exhibit 27-5.The marginal revenue product of the fifth unit of labor is

(Multiple Choice)
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For a factor price taker,the marginal factor cost curve

(Multiple Choice)
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For a factor price taker,the demand for labor curve is horizontal at the going market wage.

(True/False)
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Exhibit 27-8 Exhibit 27-8    -Refer to Exhibit 27-8.The dollar amounts that go in blanks (C)and (D)are,respectively, -Refer to Exhibit 27-8.The dollar amounts that go in blanks (C)and (D)are,respectively,

(Multiple Choice)
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For a given labor market,an increase in the MPP of labor will shift the demand curve for labor rightward.

(True/False)
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Which of the following statements is true?

(Multiple Choice)
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A firm will maximize its profits by hiring factors up to the point at which

(Multiple Choice)
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Which of the following will cause a firm's factor demand curve to shift to the left?

(Multiple Choice)
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A perfectly competitive firm will maximize its profits by hiring factors up to the point at which

(Multiple Choice)
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The lower the elasticity of demand for a product,

(Multiple Choice)
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Which of the following assumptions is not likely to be met in the real world?

(Multiple Choice)
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Exhibit 27-6 Exhibit 27-6    -Refer to Exhibit 27-6.Let AA represent the value marginal product curve of an oligopolist.Which of the following could represent his marginal revenue product curve? -Refer to Exhibit 27-6.Let AA represent the value marginal product curve of an oligopolist.Which of the following could represent his marginal revenue product curve?

(Multiple Choice)
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