Use the following figure to answer the question : Figure 16-1 :shows the isoquants,IQS1U1B11S1U1B0 and IQS1U1B12S1U1B0,for a competitive firm. -Refer to Figure 16-1.The firm was initially at point A.It will move to point B if:

A) the price of the final product increases. B) the wage rate increases. C) the cost of capital rises. D) the demand for the final product falls. A) the price of the final product increases. B) the wage rate increases. C) the cost of capital rises. D) the demand for the final product falls.

Exam 16: Employment and Pricing of Inputs

Suppose a competitive firm produces 100 units of X for a price of $10 a unit.The firm employs labor such that the marginal product of labor is 20.The wage paid for one unit of labor is $60.Given that capital is kept fixed,the firm _____.

(Multiple Choice)

4.8/5

(42)

Question 21

Use the following figure to answer the question : Figure 16-2 :shows the marginal cost [MC],average cost [AC],and demand [D] curves for a monopsonist in the labor market. -Refer to Figure 16-2.The firm will move from point B to point C when:

(Multiple Choice)

4.8/5

(40)

Question 22

A monopoly firm faces the output demand curve P = 25 - 0.5Q,where P is the price of the final product and Q is the level of output.The production function is given by Q = 5X,where X is the only input used in production.Each unit of X is bought by the firm at a constant price of $25 per unit.Based on this information,what level of input would the profit-maximizing monopoly employ?

(Essay)

4.7/5

(39)

Question 23

Electricians are employed in multiple industries in an economy.Given other things unchanged,an increase in the demand for electricians in the construction industry will lead to:

(Multiple Choice)

4.7/5

(45)

Question 24

The marginal value product of labor measures:

(Multiple Choice)

4.8/5

(35)

Question 25

Which of the following is true of a competitive industry's demand curve for labor?

(Multiple Choice)

4.9/5

(39)

Question 26

Given the same demand and cost functions,which of the following is true of a monopsony input market as compared to a competitive input market?

(Multiple Choice)

4.7/5

(36)

Question 27

Use the following table to answer the question : Table 16-1 : shows the total number of pizzas produced by 7 workers. -In Table 16-1,marginal returns from labor diminishes from the _____ worker.

(Multiple Choice)

4.9/5

(38)

Question 28

The input supply curve facing a competitive firm is most likely to:

(Multiple Choice)

4.9/5

(44)

Question 29

Compared to a competitive labor market,in a monopsony labor market:

(Multiple Choice)

4.7/5

(40)

Question 30

Answer the following: a)A backhoe,a piece of excavating equipment which is mounted on a tractor,acts as both a complement and as a substitute to labor.Explain how it could be used as a complement or a substitute to labor. b)Explain why the standard of living increases in general,even for labor,when capital substitutes for labor.

(Essay)

4.8/5

(33)

Question 31

A monopsony differs from a monopoly in that:

(Multiple Choice)

4.8/5

(37)

Question 32

The marginal product of labor shows:

(Multiple Choice)

4.8/5

(38)

Question 33

For a perfectly competitive firm,the marginal revenue product of an input will be:

(Multiple Choice)

4.8/5

(40)

Question 34

Which of the following will not determine the elasticity of demand for bank tellers,which is a competitive input industry?

(Multiple Choice)

4.7/5

(30)

Question 35

The industry demand for an input is called derived demand because:

(Multiple Choice)

4.8/5

(44)

Question 36

Given the law of diminishing marginal returns,the marginal value product of labor curve for a competitive firm _____,when other inputs are fixed.

(Multiple Choice)

4.9/5

(49)

Question 37

Suppose that a monopsonist is able to perfectly discriminate among workers and pay each her reservation wage.Graphically illustrate equilibrium employment and wages for a perfectly-discriminating monopsonist.How do they compare to a firm which hires labor in a perfectly competitive market? Assume the firm has no monopoly power and sells output in a competitive market.

(Essay)

4.8/5

(33)

Question 38

Given that labor is on the vertical axis,_____ represents the output effect of an increase in the wage rate.

(Multiple Choice)

4.9/5

(39)

Question 39

Use the following figure to answer the question : Figure 16-1 :shows the isoquants,IQ₁ and IQ₂,for a competitive firm. -Refer to Figure 16-1.The firm was initially at point A.It will move to point B if:

(Multiple Choice)

5.0/5

(33)

Question 40

Showing 21 - 40 of 100

Suppose a competitive firm produces 100 units of X for a price of $10 a unit.The firm employs labor such that the marginal product of labor is 20.The wage paid for one unit of labor is $60.Given that capital is kept fixed,the firm _____.

Use the following figure to answer the question : Figure 16-2 :shows the marginal cost [MC],average cost [AC],and demand [D] curves for a monopsonist in the labor market. -Refer to Figure 16-2.The firm will move from point B to point C when:

Electricians are employed in multiple industries in an economy.Given other things unchanged,an increase in the demand for electricians in the construction industry will lead to:

The marginal value product of labor measures:

Which of the following is true of a competitive industry's demand curve for labor?

Given the same demand and cost functions,which of the following is true of a monopsony input market as compared to a competitive input market?

Use the following table to answer the question : Table 16-1 : shows the total number of pizzas produced by 7 workers. -In Table 16-1,marginal returns from labor diminishes from the _____ worker.

The input supply curve facing a competitive firm is most likely to:

Compared to a competitive labor market,in a monopsony labor market:

A monopsony differs from a monopoly in that:

The marginal product of labor shows:

For a perfectly competitive firm,the marginal revenue product of an input will be:

Which of the following will not determine the elasticity of demand for bank tellers,which is a competitive input industry?

The industry demand for an input is called derived demand because:

Given the law of diminishing marginal returns,the marginal value product of labor curve for a competitive firm _____,when other inputs are fixed.

Given that labor is on the vertical axis,_____ represents the output effect of an increase in the wage rate.

Use the following figure to answer the question : Figure 16-1 :shows the isoquants,IQ₁ and IQ₂,for a competitive firm. -Refer to Figure 16-1.The firm was initially at point A.It will move to point B if:

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

Wages, Rent, Interest, and Profit

Using Input Market Analysis

General Equilibrium Analysis and Economic Efficiency

Public Goods and Externalities

Filters

Exam 16: Employment and Pricing of Inputs

Suppose a competitive firm produces 100 units of X for a price of $10 a unit.The firm employs labor such that the marginal product of labor is 20.The wage paid for one unit of labor is $60.Given that capital is kept fixed,the firm _____.

Use the following figure to answer the question : Figure 16-2 :shows the marginal cost [MC],average cost [AC],and demand [D] curves for a monopsonist in the labor market. -Refer to Figure 16-2.The firm will move from point B to point C when:

Electricians are employed in multiple industries in an economy.Given other things unchanged,an increase in the demand for electricians in the construction industry will lead to:

The marginal value product of labor measures:

Which of the following is true of a competitive industry's demand curve for labor?

Given the same demand and cost functions,which of the following is true of a monopsony input market as compared to a competitive input market?

Use the following table to answer the question : Table 16-1 : shows the total number of pizzas produced by 7 workers. -In Table 16-1,marginal returns from labor diminishes from the _____ worker.

The input supply curve facing a competitive firm is most likely to:

Compared to a competitive labor market,in a monopsony labor market:

A monopsony differs from a monopoly in that:

The marginal product of labor shows:

For a perfectly competitive firm,the marginal revenue product of an input will be:

Which of the following will not determine the elasticity of demand for bank tellers,which is a competitive input industry?

The industry demand for an input is called derived demand because:

Given the law of diminishing marginal returns,the marginal value product of labor curve for a competitive firm _____,when other inputs are fixed.

Given that labor is on the vertical axis,_____ represents the output effect of an increase in the wage rate.

Use the following figure to answer the question : Figure 16-1 :shows the isoquants,IQ1 and IQ2,for a competitive firm. -Refer to Figure 16-1.The firm was initially at point A.It will move to point B if:

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

Wages, Rent, Interest, and Profit

Using Input Market Analysis

General Equilibrium Analysis and Economic Efficiency

Public Goods and Externalities

Filters

Use the following figure to answer the question : Figure 16-1 :shows the isoquants,IQ₁ and IQ₂,for a competitive firm. -Refer to Figure 16-1.The firm was initially at point A.It will move to point B if: