Quiz 3

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All of the following can cause the demand curve for labor to shift to the right except

an increase in the supply of labor

The quantities of labor employers are willing and able at alternative wage rates is the

demand for labor

If the demand for labor is a derived demand, then the demand for airplane pilots depends on the

desire for airline travel

Any place where factors of production (resouces) are bought and sold is a

factor

Other thing being equal, an increase in the productivity of labor will lead to

higher wages

Able Corp. completes a new plant with a larger workspace and new machinery. The demand for labor will

increase

A market

is any place where goods are bought and sold

The labor-supply curve depicts the quantity of ______ __________at alternative____ ____

labor supplied; wage rates

Ceteris paribus, the willingness and ability to work specific amounts of time at alternative wage rates in a given period of time is

labor supply

The Law of Diminishing Returns states that, ceteris paribus, the marginal physical product of labor declines as..

more labor is employed

A market in which finished goods are exchanged is a

product market

An upward-sloping supply curve of labor illustrates that the

quantity of labor supplied and the wage rate

Consumers_________factors of production (resources) in the ___________market

sell; factor

Which of the following does not affect labor demand?

supply of labor

The marginal revenue of product of labor is

the additional revenue a firm receives from hiring one more worker

A firm's demand for labor is downward sloping because

the marginal physical product of labor decreases as more labor is hired

The opportunity cost of working is the

value of leisure time that must be given up

The quantity demanded of labor depends on the

wage rate

Ceteris paribus, for an upward-sloping supply curve, there is an increase in the quantity of labor supplied when the

wage-rate increases

The demand for labor is a derived demand because

we demand what labor produces and not labor itself


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