A) more of factor X and less of factor Y. B) less of factor X and more of factor Y. C) more of factor Y and the same amount of factor X. D) less of factor X and factor Y. E) more of factor X and factor Y. A) more of factor X and less of factor Y. B) less of factor X and more of factor Y. C) more of factor Y and the same amount of factor X. D) less of factor X and factor Y. E) more of factor X and factor Y.

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

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When a perfectly competitive firm (that sells its good for $20 per unit)hires 1 unit of factor X it produces 70 units of output and when it hires 2 units of factor X it produces 85 units of output. Marginal revenue product of the second unit of factor X is equal to

(Multiple Choice)

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Question 21

The marginal factor cost (MFC)curve for a factor price taker is

(Multiple Choice)

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Question 22

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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Question 23

If the demand for a product that labor produces is highly elastic, a small percentage increase in price will quantity demanded of the product by a relatively percentage, which, in turn, will __ the demand for the labor that produces the product.

(Multiple Choice)

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Question 24

What does the elasticity of demand for labor measure? List and describe the three determinants of this type of elasticity.

(Essay)

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Question 25

Marginal revenue product is equal to marginal revenue multiplied by

(Multiple Choice)

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Question 26

The value of marginal product (VMP)is

(Multiple Choice)

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Question 27

If for a given individual, between a wage rate of $30 and $35 the ____ effect outweighs the effect, the individual's supply curve of labor curve between those two wages will be _.

(Multiple Choice)

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Question 28

Value marginal product (VMP)equals

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Question 29

If MPP_X\P_X

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Question 30

Suppose a sailboat factory and a fishing boat factory exist in the same town. Employees at both factories have the same skills and are initially paid the same wage rate. If the sailboat manufacturer increases the hourly wage paid to his employees, then the

(Multiple Choice)

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Question 31

Exhibit 26-5 Refer to Exhibit 26-5. The marginal revenue product of the second unit of labor is

(Multiple Choice)

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Question 32

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 __.

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Question 33

Which of the following is most likely to raise the wage rate in labor market A?

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Question 34

Exhibit 26-8 Refer to Exhibit 26-8. The dollar amounts that go in blanks (C)and (D)are, respectively,

(Multiple Choice)

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Question 35

Exhibit 26-8 Refer to Exhibit 26-8. The dollar amounts that go in blanks (E)and (F)are, respectively,

(Multiple Choice)

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Question 36

If, at a particular wage rate in a competitive market, the quantity supplied of labor exceeds the quantity demanded of labor, then

(Multiple Choice)

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Question 37

Which of the following statements is true?

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Question 38

Given a 10 percent decrease in wages, firm A hires more labor than firm B. It follows that, ceteris paribus ,

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Question 39

Marginal factor cost (MFC)is

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Question 40

Showing 21 - 40 of 182

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

When a perfectly competitive firm (that sells its good for $20 per unit)hires 1 unit of factor X it produces 70 units of output and when it hires 2 units of factor X it produces 85 units of output. Marginal revenue product of the second unit of factor X is equal to

The marginal factor cost (MFC)curve for a factor price taker is

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

If the demand for a product that labor produces is highly elastic, a small percentage increase in price will __________ quantity demanded of the product by a relatively __________ percentage, which, in turn, will __________ the demand for the labor that produces the product.

What does the elasticity of demand for labor measure? List and describe the three determinants of this type of elasticity.

Marginal revenue product is equal to marginal revenue multiplied by

The value of marginal product (VMP)is

If for a given individual, between a wage rate of $30 and $35 the ____________________ effect outweighs the ________________ effect, the individual's supply curve of labor curve between those two wages will be _________________.

Value marginal product (VMP)equals

If MPPX\PX

Suppose a sailboat factory and a fishing boat factory exist in the same town. Employees at both factories have the same skills and are initially paid the same wage rate. If the sailboat manufacturer increases the hourly wage paid to his employees, then the

Exhibit 26-5 Refer to Exhibit 26-5. The marginal revenue product of the second unit of labor is

Which of the following is most likely to raise the wage rate in labor market A?

Exhibit 26-8 Refer to Exhibit 26-8. The dollar amounts that go in blanks (C)and (D)are, respectively,

Exhibit 26-8 Refer to Exhibit 26-8. The dollar amounts that go in blanks (E)and (F)are, respectively,

If, at a particular wage rate in a competitive market, the quantity supplied of labor exceeds the quantity demanded of labor, then

Which of the following statements is true?

Given a 10 percent decrease in wages, firm A hires more labor than firm B. It follows that, ceteris paribus ,

Marginal factor cost (MFC)is

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

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If the demand for a product that labor produces is highly elastic, a small percentage increase in price will quantity demanded of the product by a relatively percentage, which, in turn, will __ the demand for the labor that produces the product.

If for a given individual, between a wage rate of $30 and $35 the ____ effect outweighs the effect, the individual's supply curve of labor curve between those two wages will be _.

If MPP_X\P_X