Question 1

A market demand curve for labor shows the quantities of labor demanded by

Accepted Answer

A) a particular firm in a specific labor market. 
B) all the firms in a specific labor market. 
C) a particular firm in various labor markets. 
D) all the firms in various labor markets. 
A) a particular firm in a specific labor market. 
B) all the firms in a specific labor market. 
C) a particular firm in various labor markets. 
D) all the firms in various labor markets.

Question 2

Which of the following statements is false ?

Accepted Answer

A) A firm minimizes costs by buying factors in the combination at which the MPP-to-price ratio for each is the same. 
B) Marginal productivity theory states that firms in competitive or perfect product and factor markets pay factors their marginal revenue products. 
C) Marginal factor cost equals the wage rate for a factor price taker. 
D) The lower the elasticity of demand for the product labor produces, the higher the elasticity of demand for labor. 
A) A firm minimizes costs by buying factors in the combination at which the MPP-to-price ratio for each is the same. 
B) Marginal productivity theory states that firms in competitive or perfect product and factor markets pay factors their marginal revenue products. 
C) Marginal factor cost equals the wage rate for a factor price taker. 
D) The lower the elasticity of demand for the product labor produces, the higher the elasticity of demand for labor.

A market demand curve for labor shows the quantities of labor demanded by

Which of the following statements is false ?

What Economics Is About

Production Possibilities Frontier Framework

Supply and Demand: Theory

Prices: Free, Controlled, and Relative

Supply, Demand, and Price: Applications

Elasticity

Consumer Choice: Maximizing Utility and Behavioral Economics

Production and Costs

Perfect Competition

Monopoly

Monopolistic Competition, Oligopoly, and Game Theory

Government and Product Markets: Antitrust and Regulation

Wages, Union, and Labor

The Distribution of Income and Poverty

Interest, Rent, and Profit

Market Failure: Externalities, Public Goods, and Asymmetric Information

Public Choice and Special-Interest-Group Politics

Building Theories to Explain Everyday Life: From Observations to Questions to Theories to Predictions

International Trade

International Finance

The Economic Case for and Against Government: Five Topics Considered

Stocks, Bonds, Futures, and Options

Filters

Exam 13: Factor Markets: With Emphasis on the Labor Market

A market demand curve for labor shows the quantities of labor demanded by

Which of the following statements is false ?

What Economics Is About

Production Possibilities Frontier Framework

Supply and Demand: Theory

Prices: Free, Controlled, and Relative

Supply, Demand, and Price: Applications

Elasticity

Consumer Choice: Maximizing Utility and Behavioral Economics

Production and Costs

Perfect Competition

Monopoly

Monopolistic Competition, Oligopoly, and Game Theory

Government and Product Markets: Antitrust and Regulation

Wages, Union, and Labor

The Distribution of Income and Poverty

Interest, Rent, and Profit

Market Failure: Externalities, Public Goods, and Asymmetric Information

Public Choice and Special-Interest-Group Politics

Building Theories to Explain Everyday Life: From Observations to Questions to Theories to Predictions

International Trade

International Finance

The Economic Case for and Against Government: Five Topics Considered

Stocks, Bonds, Futures, and Options

Filters