\[\begin{array}{l} \begin{array} { cc } \text { Units of Input}&\text { Units of Outputs }\\ 1 & 3 \\ 2 & 7 \\ 3 & 10 \\ 4 & 12 \\ 5 & 13 \\ 6 & 12 \end{array} \end{array}\] -If this firm were a perfect competitor selling its entire output at a price of $1,the marginal revenue product of the third unit of input would be

A) $0. B) $1. C) $2. D) $3. E) $10. A) $0. B) $1. C) $2. D) $3. E) $10.

\[\begin{array}{l} \begin{array} {ccc } \text { Units of Input}&\text { Units of Output }\\ 1 & 4 \\ 2 & 9 \\ 3 & 13 \\ 4 & 15 \\ 5 & 16 \\ 6 & 16 \\ 7 & 15 \end{array} \end{array}\] -The maximum units of input you would possibly hire would be

A) 3. B) 4. C) 5. D) 6. E) 7. A) 3. B) 4. C) 5. D) 6. E) 7.

Exam 26: Demand in the Factor Market

Units of Input Units of Outputs 1 3 2 7 3 10 4 12 5 13 6 12 -If this firm were a perfect competitor selling its entire output at a price of $1,the marginal revenue product of the third unit of input would be

(Multiple Choice)

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Question 121

An improvement in managerial efficiency in a Fortune 500 corporation increases the marginal revenue product of all people working for the corporation.Assuming that the wage of workers who are hired in a competitive labor market remains constant,the company will

(Multiple Choice)

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Question 122

A profit-maximizing firm hires labor per week up to the point at which

(Multiple Choice)

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Question 123

If labor and capital are substitute resources in production,an increase in the price of capital will

(Multiple Choice)

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Question 124

The extra revenue that results from hiring another worker is

(Multiple Choice)

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Question 125

The substitution effect and the output effect work in the same direction.

(Multiple Choice)

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Question 126

A firm uses 10 acres of land and pays $2,000 rent for each acre.If the 10th acre has an MRP of $3,000,then the firm is using ________ acres of land.

(Short Answer)

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Question 127

(a)Fill in Table.(b)Is the firm a perfect or an imperfect competitor? Explain.(c)If the wage rate were $220,how many workers would be hired? How much would the total wage bill come to? (d)If the wage rate were $100,how many workers would be hired? How much would the total wage bill come to? (e)How many workers would be hired if the wage rate were $50? (f)How many workers would the firm want to hire if the wage rate were $0? Units of Labor Output Marginal Physical Product Price Total Revenue Product Marginal Revenue Product 1 10 \ 20 - - 2 22 20 - - 3 33 20 - - 4 42 20 - - 5 49 20 - - 6 54 20 - - 7 57 20 - -

(Essay)

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Question 128

If the wage rate were $335,how many workers would be hired?

(Short Answer)

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Question 129

A rise in the marginal revenue product schedule for labor

(Multiple Choice)

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Question 130

Units of Input Units of Output 1 4 2 9 3 13 4 15 5 16 6 16 7 15 -The maximum units of input you would possibly hire would be

(Multiple Choice)

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Question 131

A decline in the wage rate would

(Multiple Choice)

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Question 132

A fall in the wage rate would lead to a movement

(Multiple Choice)

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Question 133

If the wage rate were $30,how many workers would be hired?

(Multiple Choice)

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Question 134

A firm will continue hiring labor as long as the MRP of labor _______ the market wage rate.

(Multiple Choice)

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Question 135

As output rises,eventually the MPP of a resource will

(Multiple Choice)

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Question 136

If sewing machines are considered to be a complement to labor in the production of garments,then an increase in the price of sewing machines will cause

(Multiple Choice)

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Question 137

Total Revenue Product with one unit of labor would be

(Multiple Choice)

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Question 138

The Bulldog Beanery Coffee Shop is a perfectly competitive firm currently employing 30 workers.The marginal revenue product of the 30th worker is $7/hour.The wage rate is $8/hour.To increase profits,this firm should

(Multiple Choice)

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Question 139

Which statement is false?

(Multiple Choice)

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Question 140

Exam 26: Demand in the Factor Market

Units of Input Units of Outputs 1 3 2 7 3 10 4 12 5 13 6 12 -If this firm were a perfect competitor selling its entire output at a price of $1,the marginal revenue product of the third unit of input would be

An improvement in managerial efficiency in a Fortune 500 corporation increases the marginal revenue product of all people working for the corporation.Assuming that the wage of workers who are hired in a competitive labor market remains constant,the company will

A profit-maximizing firm hires labor per week up to the point at which

If labor and capital are substitute resources in production,an increase in the price of capital will

The extra revenue that results from hiring another worker is

The substitution effect and the output effect work in the same direction.

A firm uses 10 acres of land and pays $2,000 rent for each acre.If the 10th acre has an MRP of $3,000,then the firm is using ________ acres of land.

If the wage rate were $335,how many workers would be hired?

A rise in the marginal revenue product schedule for labor

Units of Input Units of Output 1 4 2 9 3 13 4 15 5 16 6 16 7 15 -The maximum units of input you would possibly hire would be

A decline in the wage rate would

A fall in the wage rate would lead to a movement

If the wage rate were $30,how many workers would be hired?

A firm will continue hiring labor as long as the MRP of labor _______ the market wage rate.

As output rises,eventually the MPP of a resource will

If sewing machines are considered to be a complement to labor in the production of garments,then an increase in the price of sewing machines will cause

Total Revenue Product with one unit of labor would be

The Bulldog Beanery Coffee Shop is a perfectly competitive firm currently employing 30 workers.The marginal revenue product of the 30th worker is $7/hour.The wage rate is $8/hour.To increase profits,this firm should

Which statement is false?

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

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