Exam 11: The Labor Market

In the following graph, the product market is _____, while the labor market is _____.

Critics of affirmative action state that the program is a system of

(Figure: Determining Labor and Wages) A firm with monopoly power hires _____ workers and pays them _____ wage.

According to the segmented labor market view, unions restrict the labor supply to increase wages. As labor migrates to nonunion markets, nonunion wage rates fall. Which of these actions would reduce the incentive for firms to substitute nonunion workers for union members?

Workers' skills in one industry do not affect the labor market in other industries.

When the individual labor supply curve is backward bending, the _____ effect dominates and higher wages lead to _____ hours worked.

If a firm is operating in a competitive labor market, the _____ of labor equals the MRP of labor because _____.

The value of the marginal product of workers in a monopolistic firm is much higher than the amount they are paid.

A contract in which an employer requires an employee to agree NOT to join a labor union is called

Which theory of economic discrimination states that women tend to have to work in certain low-paying jobs, leading to a wage differential versus men?

Which measurement rises most quickly as more labor is hired?

A firm's demand for labor is derived from the worker's demand for wages.

Susan is deciding whether to work over the summer or to pursue a three-month backpacking expedition in the Sierras. She would choose to work only if she can find a job that pays at least $20 per hour, which would be her _____ wage.

According to the dual labor market hypothesis, jobs in the secondary market tend to have high turnover and low wages.

If new technology improves worker productivity, then the marginal physical product of labor will

Which of these is a characteristic that may be subjected to economic discrimination? I. Age II. Disability III. Human Capital

According to the dual labor market hypothesis, jobs in the secondary market provide on-the-job training for jobs in the primary market.

(Table) Based on the table, the total product after adding the eighth worker is L TP 0 0 0 \ 10 \ 0 1 6 6 \ 10 \ 60 2 13 7 \ 10 \ 70 3 22 \ 10 \ 90 4 35 13 \ 10 5 47 \ 10 \ 120 6 57 10 \ 10 \ 100 7 65 8 \ 10 \ 80 8 6 \ 10 \ 60 9 76 5 \ 10 \ 50 10 80 4 \ 10 \ 40

(Table) Based on the table, what must be TRUE about the labor supply curve as the wage rate rises from $50 to $60 per hour? Labor Supply Schedule Wage Rate (S/hr.) Hours of Work (per week) 20 30 30 40 40 50 50 40 60 30

If the twelfth worker hired is able to produce 10 units a day of a product that sells for $16 per unit, the competitive firm will hire this worker if his or her wages are _____ per day.