Refer to the data provided in Table 10.1 below to answer the following question(s). Table 10.1 \[\begin{array}{l} \text { Total Labor Units } \quad \text { Total Product } \quad \text { Marginal Product of Price per }\\ \begin{array} { c c c c } \text { (employees) } & \text { (T-shirts per day) } & \text { Labor (per day) } & \text { T-shirt } \\ \hline 0 & 0 & - & - \\ 1 & 20 & 20 & \$ 5 \\ 2 & 50 & 30 & 5 \\ 3 & 75 & 25 & 5 \\ 4 & 95 & 20 & 5 \\ 5 & 110 & 15 & 5 \end{array} \end{array}\] -Refer to Table 10.1. The marginal revenue product of the fourth worker is

A) $5. B) $20. C) $100. D) $475. A) $5. B) $20. C) $100. D) $475.

Exam 10: Input Demand: the Labor and Land Markets

A firm's marginal cost curve in a perfectly competitive product market is the same as its curve. Similarly, a firm's marginal revenue product curve in a perfectly competitive labor market is the same as its curve.

(Multiple Choice)

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Question 61

The law of ________ explains why a marginal revenue product schedule eventually declines.

(Multiple Choice)

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Question 62

Related to the Economics in Practice on page 214: According to the Economics in Practice, firms where managers had more extensive training experienced

(Multiple Choice)

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Question 63

An increase in labor productivity would cause a rightward shift of the labor demand curve.

(True/False)

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Question 64

The demand for ________ in a competitive industry depends on its productivity and upon how its product is valued in the marketplace.

(Multiple Choice)

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Question 65

The wage rate will fall and firms will increase employment to the point where MRP equals the new wage rate if

(Multiple Choice)

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Question 66

The demand for any factor of production in a competitive industry depends on

(Multiple Choice)

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Question 67

Input productivity refers to the amount of output produced per unit of the input.

(True/False)

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Question 68

If the individual labor supply curves for all workers in a given location slope up, the market supply curves in that location

(Multiple Choice)

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Question 69

The price of any factor of production in a competitive market depends on the value of the final product it is used to produce.

(True/False)

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Question 70

Assume that automobiles are a normal good. A decrease in income will

(Multiple Choice)

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Question 71

Pure rent is the return to any factor of production that is in fixed supply.

(True/False)

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Question 72

The number of seats available in an arena is fixed at 20,000. The equilibrium price for a ticket to a basketball game at the arena is $75. The equilibrium price for a ticket to the circus at the arena is $25. Which of the following is true?

(Multiple Choice)

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Question 73

Ernie's Sushi-On-A-Stick is a perfectly competitive firm currently employing 75 workers. The marginal revenue product of the 75th worker is $9.00 per hour. The wage rate is $12.00 per hour. To increase profits, this firm should

(Multiple Choice)

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Question 74

If product demand increases and product price increases

(Multiple Choice)

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Question 75

Because Picasso's painting Guernica is one-of-a-kind, its price is

(Multiple Choice)

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Question 76

An increase in the wage rate will change

(Multiple Choice)

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Question 77

Which of the following would be the most likely result if high-speed rail service were introduced to an area and made commuting from that area easier?

(Multiple Choice)

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Question 78

Households will supply labor as long as the wage they receive is less than the value of their leisure time.

(True/False)

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Question 79

Refer to the data provided in Table 10.1 below to answer the following question(s). Table 10.1 Total Labor Units Total Product Marginal Product of Price per (employees) (T-shirts per day) Labor (per day) T-shirt 0 0 - - 1 20 20 \ 5 2 50 30 5 3 75 25 5 4 95 20 5 5 110 15 5 -Refer to Table 10.1. The marginal revenue product of the fourth worker is

(Multiple Choice)

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Question 80

Showing 61 - 80 of 200

Exam 10: Input Demand: the Labor and Land Markets

A firm's marginal cost curve in a perfectly competitive product market is the same as its ________ curve. Similarly, a firm's marginal revenue product curve in a perfectly competitive labor market is the same as its ________ curve.

The law of ________ explains why a marginal revenue product schedule eventually declines.

Related to the Economics in Practice on page 214: According to the Economics in Practice, firms where managers had more extensive training experienced

An increase in labor productivity would cause a rightward shift of the labor demand curve.

The demand for ________ in a competitive industry depends on its productivity and upon how its product is valued in the marketplace.

The wage rate will fall and firms will increase employment to the point where MRP equals the new wage rate if

The demand for any factor of production in a competitive industry depends on

Input productivity refers to the amount of output produced per unit of the input.

If the individual labor supply curves for all workers in a given location slope up, the market supply curves in that location

The price of any factor of production in a competitive market depends on the value of the final product it is used to produce.

Assume that automobiles are a normal good. A decrease in income will

Pure rent is the return to any factor of production that is in fixed supply.

The number of seats available in an arena is fixed at 20,000. The equilibrium price for a ticket to a basketball game at the arena is $75. The equilibrium price for a ticket to the circus at the arena is $25. Which of the following is true?

Ernie's Sushi-On-A-Stick is a perfectly competitive firm currently employing 75 workers. The marginal revenue product of the 75th worker is $9.00 per hour. The wage rate is $12.00 per hour. To increase profits, this firm should

If product demand increases and product price increases

Because Picasso's painting Guernica is one-of-a-kind, its price is

An increase in the wage rate will change

Which of the following would be the most likely result if high-speed rail service were introduced to an area and made commuting from that area easier?

Households will supply labor as long as the wage they receive is less than the value of their leisure time.

The Scope and Method of Economics

The Economic Problem: Scarcity and Choice

Demand, Supply, and Market Equilibrium

Demand and Supply Applications

Elasticity

Household Behavior and Consumer Choice

The Production Process: the Behavior of Profit-Maximizing Firms

Short-Run Costs and Output Decisions

Long-Run Costs and Output Decisions

Input Demand: the Capital Market and the Investment Decision

General Equilibrium and the Efficiency of Perfect Competition

Monopoly and Antitrust Policy

Oligopoly

Monopolistic Competition

Externalities, Public Goods, and Common Resources

Uncertainty and Asymmetric Information

Income Distribution and Poverty

Public Finance: the Economics of Taxation

International Trade, Comparative Advantage, and Protectionism

Economic Growth in Developing Economies

Critical Thinking About Research

Filters

A firm's marginal cost curve in a perfectly competitive product market is the same as its curve. Similarly, a firm's marginal revenue product curve in a perfectly competitive labor market is the same as its curve.