Exam 26: Demand in the Factor Market

Using the following to answer question 45: Number of Machines Marginal Physical Product of Machines 1 5 2 6 3 6 4 5 5 4 6 2 7 0 8 -1 -The maximum number of machines you would use is

An addition of a complementary resource would ______ the marginal revenue product of any given resource.

All of the following will increase the demand for labor by firms in an industry except

An increase in rent would

Is the firm a perfect competitor or an imperfect competitor?

The most important influence on a firm's demand for a factor of production is _________.

If the MRP of an acre of land were $100 and its rent were $50,

If Marco's output per hour in 2000 was 200 and his output per hour in 2004 was 220,how much would his productivity be in 2004?

When the demand for automobiles falls,the demand for autoworkers

In a perfectly competitive labor market,when a firm hires more labor

The demand for labor is called a derived demand because it is derived from the

Total Revenue Product with six units of labor would be

A change in ____ would have the strongest influence on a factor's MRP curve.

Marginal Revenue Product with three units of labor would be

Which statement is true?

Unit of Output Marginal Price Total Marginal Labor Physical Revenue Revenue Product Product Product 1 10 10 \ 20 2 30 20 18 3 60 30 16 4 85 25 14 5 105 20 12 6 120 15 10 7 125 5 8 8 125 0 6 -The maximum number of workers hired is

Total Revenue Product with six units of labor would be

Derived demand is a demand for

The MRP schedule of the perfect competitor declines _____ than that of the imperfect competitor.

A firm's demand schedule for capital is