Exam 14: The Demand and Supply of Resources

Assume that consumer demand for hybrid vehicles is increasing and that for large SUVs it is decreasing.The labor supply is the same for both markets. a.How does this difference in consumer demand affect the labor demand for workers producing hybrid vehicles versus that of workers making SUVs? b.Using a supply and demand graph and your answer to part a,show why workers producing hybrids earn more than workers who build SUVs.

If the price of pencils falls,the marginal product of labor will ________ and the value of the marginal product of labor will ________.

Refer to the following figure to answer the following questions: -What is the marginal product of the third worker?

The area underneath a firm's labor demand curve and above the market wage is the graphical representation of the firm's

As computer usage in companies and in the home has increased,the labor demand for information technology (IT)workers has

Refer to the following graphs to answer the following questions: A. B. C. D. E. -Choose the graph that represents the following situation: A documentary on bottled water demonstrates the high impact this product has on the environment.In response,consumers drastically reduce their consumption of this product.

The worker productivity of Cutie Cupcakes is presented in the following table.Use the table to answer the following questions: -When Cutie Cupcakes hires its three hundredth worker,what is that worker's marginal product of labor?

Ummal travels back in time to deposit $100 in a high-interest-bearing savings account.When she returns to the present,she is a billionaire.We can expect Ummal to work ________ hours because of the ________ effect.

The government lowers the retirement age to 55.We would expect to see the labor supply curve

One of the primary causes of diminishing marginal product is

Outsourcing is when

Use the following table to answer the following questions: -If the workers are paid $8 per hour,the price of the product is $4,and the fixed cost of the business is $20,then how many workers should the business employ?

Which of the following is an example of derived demand?

It is profitable for Jack's Jingles to use more equipment in the production of its songs when the

When Noah's wage rises and he decides to work more hours,we know that the ________ effect has dominated the ________ effect.

Derived demand is NOT represented by the demand for

Use the following table to answer the following questions: -What is the value that belongs in cell F5?

Refer to the following graphs to answer the following questions: A. B. C. D. E. -Choose the graph that represents the following situation: The government raises the minimum wage.

Lorelei finds that she is consistently unable to fill all of the open positions at her bakery.This indicates that the wage she is offering is

The fact that workers must share a limited amount of space and equipment results in ________ marginal productivity.