Exam 12: The Supply of and Demand for Productive Resources

A profit-maximizing restaurant owner will hire more busboys to keep more tables clean and quickly available to new customers, as long as the

When an employer pays the cost of educating a worker, it is likely that the employer

Suppose that workers immigrate to Minnesota from Canada. Which of the following correctly describes what would happen in the market for labor in Minnesota?

The marginal revenue product of a resource is equal to the value of marginal product when the product produced by the resource is sold in

Which of the following most clearly illustrates the concept of "derived demand"?

A profit-maximizing farmer will apply additional units of fertilizer until the marginal revenue product (MRP) of fertilizer is half the MRP of skilled labor when a unit of fertilizer

A decrease in resource prices will increase the incentive of

A decrease in the marginal product of labor would be represented by

The following figure indicates the reductions in total losses due to theft if a jewelry store hires additional security guards. If the security guards can be hired for $45 per day, how many guards should the shop hire?

When the marginal revenue product of an input is less than its price, the

The change in the total revenue of a firm that results from employing one additional unit of a factor of production is defined as the

When the price of a resource goes up and firms seek other suitable resources, this is called the

Table 12-5 -Refer to Table 12-5. What is the marginal product of the fourth worker?

Which of the following is the most accurate definition of a worker's "marginal revenue product"?

If unskilled labor is relatively plentiful and cheap in many foreign countries, then as the United States expands its trade with these foreign countries, the domestic demand for

In recent years, the ratio of earnings of the typical U.S. college graduate to the earnings of the typical high school graduate without additional education has

If a firm is using a resource hired in a perfectly competitive market, and if the marginal resource cost is less than its marginal revenue product,

The supply curve of a human resource will be more elastic the

An increase in the demand for a product will cause

Which one of the following labor resources will likely have the most inelastic supply schedule in the short run?