econ
Maria operates a persimmon orchard in southeastern Oklahoma
$16
Marci is a monopsony employer of bakers.
$36
debbie
$50
Marci is a monopsony employer of bakers. When the wage is increased from $4 to $5, the marginal factor cost of labor is equal to
$9
The market for land is competitive and in equilibrium at the rental rate of $500 per acre. If the supply of land is perfectly inelastic at 1000 acres, the total economic rent on this land is equal to:
1000 times 500 = 500,000 acres
wheat and labor chart
150 and 110
Marci is a monopsony employer of bakers.
3 hours; 5 hours
Luke Skywalker operates a moisture farm in a perfectly competitive market on the planet Tatooine. The moisture farm utilizes droids. Luke's production function is given in the table. A barrel of moisture sells for 50 republic credits. A droid costs 675 republic credits per month to rent. How many droids should Luke rent?
4 : four
Debbie owns a bakery and can hire workers to produce cakes selling
6 workers to 4 workers
For a perfectly competitive employer, the value of the marginal product curve is the firm's labor ____ Curve. This means the means the marginal product curve has a ___ slope
Demand, negative
Phil's Photo Studio pays its workers $60 per day and it sells photos for $10 per print. 60, 10, 12
The demand for labor increases
Phil's Photo Studio pays its workers $60 per day and it sells photos for $10 per print. Now the market wage rises to $70. What happens to Phil's labor demand?
The quantity demanded of labor decreases but the demand for labor curve does not shift.
A factor demand curve will shift because of:
a change in the price of the good the factor produces.
A firm's demand curve for labor will shift because of:
a change in the product's price.
A factor demand curve will shift to the left because of
a decrease in the price of the good the factor produces
Which of the following can shift the factor demand curve to the right?
a decrease in the price of the good the factor produces.
When the demand for automobiles is high, the demand for workers who build automobiles is high. This relationship between the market for autos and the market for the labor that builds automobiles is why demand in a factor market is called: (69)
a derived demand.
Which of the following statements is true?
a. If W < MRPL
Which of the following best describes the value of the marginal product? (69)
change in total revenue generated from a unit change in the quantity of a variable input
50. Value of the marginal product is the: (69)
change in total revenue resulting from a unit change in the quantity of a variable input.
A nurse willing to work the midnight to 8 AM shift may earn more than she would if she worked 8 AM to 4 PM because of
compensating differntials
If the competitive price (wage) of bricklayers is $100 per day, that price was determined by:
demand and supply in the market for bricklayers
Benny employs people to sell candy bars at intersections.
demand for labor increases.
The demand for factors of production is called a derived demand because it is
derived from the demand for the outputs that are produced by the factors of production
A new teacher often earns less than a teacher with 20 years experience because of
differneces in human capital
Which of the following is not a factor of production at a college? (69)
electricity
Marci is a monopsony employer of bakers.
four
Mr.Cobb, a corn farmer
hire more labor because the MR product exceeds the wage
Sarah
hire the additional worker because the value of the marginal product exceeds the wage.
An increase in the demand for construction workers may come about because of a(n): (69)
increase in the demand for new housing.
The value of the marginal product is equal to: (69)
marginal product times the price per unit of output.
singer buyer market is called
monopsony
The Bountiful Bakery is considering hiring another pastry chef
only if the new chefs wage is 360 or less
12. When labor is hired in a competitive market, the value of the marginal product of labor is computed by: (69)
po X mpl
Labor with a particular skill level and training is used in only two industries: grape cultivation and cranberry cultivation. Which of the following is likely to cause an INCREASE in the demand for this type of labor?
publication of a report asserting that drinking two glasses of grape or cranberry juice every day improves digestion and heart health
Suppose all perfectly competitive fast-food firms are hiring the profit-maximizing quantity of labor and are paying their workers $7 per hour. Then suppose the government decides to raise the minimum wage to $8 per hour. Then: (69)
since the value of the marginal product would be less than the wage, firms would lay off some workers.
which of the following would cause the supply of nurses to increase
the government offered to pay for student loans if students enrolled in nursing schools
which of the following would cause the supply of teachers to decrease?
the government required another year of college before a teacher could begin teaching
An increase in the market demand for electricians might occur if
the market price of electrical repair and installation services increases
If the extra output that is produced by hiring one more unit of labor adds more to ________ than to ________, the firm will increase its profit by increasing the use of labor. (69)
total revenue; total cost
