Final Exam ECO2023

In general, for an individual to supply more labor, the wage rate must:

Increase

Workers who organize along industry lines

Industrial Unions

The labor supply curve depicts the...

Quantities of labor supplied alternative wage rates

The labor supply curve will be positively sloped if the substitution effect wage is:

Stronger than the income effect of wages

Shape of income effect supply curve:

Upward sloping

If a higher wage is required to entice people to work more hours, then the labor supply curve must be...

Upward-sloping to the right

The opportunity cost of working is the:

Value of leisure time that must be given up

If someone works less hours the more they are paid...

substitution effect

Marginal Physical Product (MPP)

ΔOutput/ΔQuantity of Labor

The marginal revenue product of labor curve is the firm's

Demand curve for labor

Marginal Resource Cost (MRC)

(ΔTC)/(Δ Quantity of Labor)

Marginal Revenue Product (MRP)

(ΔTR)/(Δ Quantity of Labor)

The marginal physical product of labor is equal to...

(Change in total output)/(Δ percentage of wages)

Total revenue

(Price) x (Quantity of Labor)

Workers with a particular skill are represented by

Craft union