Question 1

For a firm that operates in an input market cartel that has successfully coordinated input prices among the cartel members,the marginal cost of the input:

Accepted Answer

A) exceeds the input's price. 
B) is less than the input price. 
C) is constant and equals unity. 
D) is zero. 
A) exceeds the input's price. 
B) is less than the input price. 
C) is constant and equals unity. 
D) is zero.

Question 2

The minimum wage law is not an effective instrument for fighting poverty because:

Accepted Answer

A) only skilled workers are covered under the minimum wage law. 
B) many workers whose wages are affected by the law do not live in poor families. 
C) only about half of employers comply with the law. 
D) increases in the minimum wage cause large increases in unemployment. 
A) only skilled workers are covered under the minimum wage law. 
B) many workers whose wages are affected by the law do not live in poor families. 
C) only about half of employers comply with the law. 
D) increases in the minimum wage cause large increases in unemployment.

Question 3

Most of a payroll tax is eventually paid by:

Accepted Answer

A) employers if the supply curve of labor is very inelastic. 
B) employers if the labor demand curve is unit elastic. 
C) employees if the supply of labor curve is very inelastic. 
D) employees if the supply of labor curve is very elastic. 
A) employers if the supply curve of labor is very inelastic. 
B) employers if the labor demand curve is unit elastic. 
C) employees if the supply of labor curve is very inelastic. 
D) employees if the supply of labor curve is very elastic.

For a firm that operates in an input market cartel that has successfully coordinated input prices among the cartel members,the marginal cost of the input:

The minimum wage law is not an effective instrument for fighting poverty because:

Most of a payroll tax is eventually paid by:

An Introduction to Microeconomics

Supply and Demand

The Theory of Consumer Choice

Individual and Market Demand

Using Consumer Choice Theory

Exchange, Efficiency, and Prices

Production

The Cost of Production

Profit Maximization in Perfectly Competitive Markets

Using the Competitive Model

Monopoly

Product Pricing With Monopoly Power

Monopolistic Competition and Oligopoly

Game Theory and the Economics of Information

Using Noncompetitive Market Models

Employment and Pricing of Inputs

Wages, Rent, Interest, and Profit

General Equilibrium Analysis and Economic Efficiency

Public Goods and Externalities

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Exam 18: Using Input Market Analysis

For a firm that operates in an input market cartel that has successfully coordinated input prices among the cartel members,the marginal cost of the input:

The minimum wage law is not an effective instrument for fighting poverty because:

Most of a payroll tax is eventually paid by:

An Introduction to Microeconomics

Supply and Demand

The Theory of Consumer Choice

Individual and Market Demand

Using Consumer Choice Theory

Exchange, Efficiency, and Prices

Production

The Cost of Production

Profit Maximization in Perfectly Competitive Markets

Using the Competitive Model

Monopoly

Product Pricing With Monopoly Power

Monopolistic Competition and Oligopoly

Game Theory and the Economics of Information

Using Noncompetitive Market Models

Employment and Pricing of Inputs

Wages, Rent, Interest, and Profit

General Equilibrium Analysis and Economic Efficiency

Public Goods and Externalities

Filters