\[\begin{array} { c c c c c c } \begin{array} { c } \text { Units } \\ \text { of } \\ \text { Labor } \end{array} & \text { Output } & \begin{array} { c } \text { Marginal } \\ \text { Physical } \\ \text { Product } \end{array} & \text { Price } & \begin{array} { r } \text { Total } \\ \text { Revenue } \\ \text { Product } \end{array} & \begin{array} { r } \text { Marginal } \\ \text { Revenue } \\ \text { Product } \end{array} \\ 1 & 20 \\ 2 & 38 \\ 3 & 50 \\ 4 & 60 \\ 5 & 68 \\ 6 & 73 \\ 7 & 76 \\ 8 & 78\\ \text { Price } = \$ 5 . & & & & & \\ \end{array}\] -Fill in the above table.

The answer of \[\begin{array} { c c c c c...

A) is a perfect competitor. B) is an imperfect competitor. C) could be either a perfect or imperfect competitor. A) is a perfect competitor. B) is an imperfect competitor. C) could be either a perfect or imperfect competitor.

Exam 26: Demand in the Factor Market

\begin{array} { c c c c c c } \begin{array} { c } \text { Units } \\ \text { of } \\ \text { Land } \end{array} & \begin{array} { c } \text { MRP } \\ \text { of } \\ \text { Land } \end{array} & \begin{array} { c } \text { Units } \\ \text { of } \\ \text { Capital } \end{array} & \begin{array} { c } \text { MRP of } \\ \text { Capital } \end{array} & \begin{array} { c } \text { Units } \\ \text { of } \\ \text { Labor } \end{array} & \begin{array} { c } \text { MRP of } \\ \text { Labor } \end{array} \\ 1 & \$ 40 & 1 & \$ 29 & 1 & \$ 14 \\ 2 & 38 & 2 & 28 & 2 & 13 \\ 3 & 34 & 3 & 25 & 3 & 11 \\ 4 & 25 & 4 & 18 & 4 & 9 \\ 5 & 15 & 5 & 10 & 5 & 6 \\ 6 & 2 & 6 & 6 & 6 & 4 \\ 7 & 0 & 7 & 2 & 7 & 2 \\ \end{array}\\ ~\text { Rent } = \$ 15 \text { Interest } = \$ 18 ~~~ \text { Wage rate } = \$ 4 -How many units of land would you hire?

(Short Answer)

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Question 61

If the wage rate were $50,how many workers would be hired?

(Multiple Choice)

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Question 62

Is the firm a perfect competitor or an imperfect competitor?

(Short Answer)

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Question 63

Demand for a factor can shift for all of the following reasons except?

(Multiple Choice)

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Question 64

If the productivity of labor falls,its MPP will _ and its MRP will .

(Multiple Choice)

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Question 65

If the wage rate were $200,how many workers would be hired?

(Multiple Choice)

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Question 66

Which statement is true?

(Multiple Choice)

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Question 67

Which statement is true?

(Multiple Choice)

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Question 68

Units of Labor Output Marginal Physical Product Price Total Revenue Product Marginal Revenue Product 1 20 2 38 3 50 4 60 5 68 6 73 7 76 8 78 Price =\ 5. -Fill in the above table.

(Essay)

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Question 69

A decrease in the wage rate will change the amount of employed,and it may also change __.

(Short Answer)

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Question 70

The MRP curve for labor generally expresses

(Multiple Choice)

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Question 71

A rise in the marginal revenue product schedule for labor

(Multiple Choice)

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Question 72

This producer

(Multiple Choice)

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Question 73

If land and labor are complementary resources and the price of capital goes up,the employment of labor ________.

(Short Answer)

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Question 74

As output rises,the MRP of an imperfect competitor will _____ that of a perfect competitor.

(Multiple Choice)

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Question 75

A firm will hire a unit of input only if its

(Multiple Choice)

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Question 76

More complementary resources would tend to

(Multiple Choice)

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Question 77

If the price of labor goes up and a firm replaces some workers with more machines,this is the _ effect;when the price of a resource declines,and consequently the level of production rises,this is the _ effect.

(Short Answer)

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Question 78

Is the firm a perfect competitor or an imperfect competitor? Explain.

(Essay)

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Question 79

When the wage rate falls,if the substitution effect outweighs the output effect,the use of machinery will

(Multiple Choice)

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Question 80

Exam 26: Demand in the Factor Market

If the wage rate were $50,how many workers would be hired?

Is the firm a perfect competitor or an imperfect competitor?

Demand for a factor can shift for all of the following reasons except?

If the productivity of labor falls,its MPP will _____ and its MRP will ____.

If the wage rate were $200,how many workers would be hired?

Which statement is true?

Which statement is true?

Units of Labor Output Marginal Physical Product Price Total Revenue Product Marginal Revenue Product 1 20 2 38 3 50 4 60 5 68 6 73 7 76 8 78 Price =\ 5. -Fill in the above table.

A decrease in the wage rate will change the amount of ________ employed,and it may also change __________.

The MRP curve for labor generally expresses

A rise in the marginal revenue product schedule for labor

This producer

If land and labor are complementary resources and the price of capital goes up,the employment of labor ________.

As output rises,the MRP of an imperfect competitor will _____ that of a perfect competitor.

A firm will hire a unit of input only if its

More complementary resources would tend to

If the price of labor goes up and a firm replaces some workers with more machines,this is the _______ effect;when the price of a resource declines,and consequently the level of production rises,this is the _______ effect.

Is the firm a perfect competitor or an imperfect competitor? Explain.

When the wage rate falls,if the substitution effect outweighs the output effect,the use of machinery will

A Brief Economic History of the United States

Resource Utilization

The Mixed Economy

Supply and Demand

The Household Consumption Sector

The Business Investment Sector

The Government Sector

The Export-Import Sector

Gross Domestic Product

Economic Fluctuations, unemployment, and Inflation

Classical and Keynesian Economics

Fiscal Policy and the National Debt

Money and Banking

The Federal Reserve and Monetary Policy

A Century of Economic Theory

Economic Growth and Productivity

Demand,supply,and Equilibrium

The Price Elasticities of Demand and Supply

Theory of Consumer Behavior

Cost

Profit, loss, and Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Corporate Mergers and Antitrust

Labor Unions

Labor Markets and Wage Rates

Rent, interest, and Profit

Income Distribution and Poverty

International Trade

International Finance

Filters

If the productivity of labor falls,its MPP will _ and its MRP will .

A decrease in the wage rate will change the amount of employed,and it may also change __.

If the price of labor goes up and a firm replaces some workers with more machines,this is the _ effect;when the price of a resource declines,and consequently the level of production rises,this is the _ effect.