micro

a company that sells encyclopedia sets for $250 each. when they employ 10 workers, they can sells 60 sets per week, while only 54 sets are sold when 9 workers are employed. what is the weekly MVP of the 10th worker?

$1,500

Tucker Corporation sells its product for $5.00. Tucker's industrial engineers have informed management that hiring one additional worker will increase output by five units per hour. Tucker should hire the additional worker only if the wage rate is

$25.00 or less an hour

currently, union membership in the US is about what percent of civilian employees?

10 percent

the MR product of a resource:

= the extra output produced by an additional unit of the resource multiplied by the price of that output

if more and better technology is used for producing wheat in the US than in a lesser developed country, then the

MRP of the US will be higher than the MRP of the workers in the lesser developed country

firms should hire additional units of resouce as long as the

MRP of the resource exceeds the cost of an additional unit of the resource

suppose the price of HD tvs decreases. as a result, the

MRP of the workers making HD tvs will decrease

if a products price increases, then its:

MRP will increase

if product price increases, then

MRP will increase

which of the following would cause the demand for labor to change?

a change in the price of the good produced

an increase in demand for french fries will cause equilibrium wage rates:

and quantities of potato workers hired to rise

a monopoly is a sole -----, and a monopolist is a sole----

buyer in a product market: seller in a product market

if cats become a more popular pet in the us than they are now, what can we expect to happen to the market for act food workers?

MRP increases

in a labor market with one employer, the marginal factor cost is

above the labor supply curve

which of the following most clearly illustrates the concept of derived demand?

an increase in demand for new houses leads to an increase in the demand for construction workers

if the MRP of labor decreases, labor

demand will decrease

What happens to the MP of labor when the market price of the good produced increases?

stays the same

the MC of labor for a perfectly competitive firm is given by:

the market wage rate

if a monopolist offers a wage of $6, he finds that 1,200 people are willing to work for him. this means that the

total wage cost is $7,200

which of the following statements is true?

unions can either increase demand or decrease the supply of labor

suppose a monopolist wants to hire more workers, if it has to pay the same wage to all its workers, the

wage and the marginal factor cost will increase

demand curve for labor of coke manufactures will not shift to the right if

coke workers become unionized

the process of negotiating labor contracts between the union and management concerning wages and working conditions is called

collective bargaining

if the price of labor falls, we can expect

quantity demanded of labor will increase

suppose a change in tech increases the MP in labor. the result is a

rightward shift in the demand for labor curve

a union may attempt to obtain stricter certification requirements or longer apprenticeships. these changes would raise workers wages because they

shift the labor supply curve leftward

the best number of workers for any employer to hire is that quantity in which

the MRP = the MFC

which of the following is the most accurate definition of a workers MRP? (marginal revenue product)

the change in the firms total revenue as the result of hiring an additional worker

if a union is able to successfully lobby congress to limit imports of rival products, and thus to raise the demand for goods or services they make, then which of the following best describes the outcome?

the demand for labor will increase

which of the following will decrease the demand for fast food burger workers labor?

the price of pizza, a substitute for burgers, decreases

according to the economic theory of labor markets, if unions are successful in raising wages, with no accompanying increase in labor productivity, then which of the following is true?

the quantity of labor demanded by profit maximizing firms will decline

which of the following statements concerning the supply of labor is true?

the typical labor supply curve is upward sloping

if a town has a monopsony, this means

there is only one employer

if the MP of labor is always positive, the total revenue will grow with each additional worker. firms do not continually fire new workers because

they stop when MRP=wage

the optimal hiring rule is to employ labor up the the point where

wage=MRP

a technological advance that increases the productivity of teachers can be expected to have what effects on the equilibrium labor market for teachers?

wages will rise, and the quantity of labor will rise

a decrease in the MP of labor would be represented by a

decrease in labor demand

an increase in the demand for a product will shift the

demand for labor used to produce the product rightward

the demand for a factor of a production depends on the

demand for the products that it helps to produce

if union sponsored advertisements for a particular product succeed increasing the demand for that product, the

demand for the union labor used to produce the product will increase

a firms demand for labor depends on, in part, the demand for the firms product. to summarize his idea, economists sat that the demand for labor is:

derived demand

a union can influence the demand for labor by

effective advertiing that convinces customers to buy the union label

a monopsony will

employ a quantity of labor where the marginal revenue product = the MFC

a union may negotiate on workload in order to increase for labor and raise salaries. this practice is known as

featherbedding

if an employer currently finds that the MRP of its labor resources = to $67 and the MFC = $56 what would you advise the firm to do?

hire additional workers

the labor supply curve facing an individual employer in a perfectly competitive labor market is:

horizontal

a workers accumulative investment in education, training, experience, and health is called:

human capital

which of the following can shift the labor demand curve to the right?

increase in productivity

a technological advance that increase labor productivity will

increase the demand for labor as MP rises

featherbedding allows unions to increase wages by

increasing firms demand for labor

an advance in technology which increases labor productivity will shift the

labor demand curve to the right

if the wage rate is fixed at a certain level, the

labor supply curve is horizontal

the MRP of a resource is

larger when the product price is larger

a monopolist hires the amount of labor where the MRP of labor equals the

marginal factor cost of labor

a firms demand curve for labor coincides with the

marginal rev product curve

the demand curve for labor is identical to the

marginal rev product curve

dividing the change in total rev by the change in labor gives

marginal rev product of labor

which part if the US has the largest union membership measured as the % of civilian employees in unions?

midwestern states

one reason the supply of carpenters is greater than the supply for physicians is because:

of differences in human capital

which of the following is the nest example of an investment in human capital?

on the job training received by an apprentice electrician