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Demand and supply of Bricklayers in a perf… Show more Any

Paper help Economics Demand and supply of Bricklayers in a perf… Show more Any

Economics

Demand and supply of Bricklayers in a perf… Show more Any

Demand and supply of Bricklayers in a perf… Show more Any help here to double check my answers is appreciated. Demand and supply of Bricklayers in a perfectly competitive labor market: 1. If the price (wage) of bricklayers is $100 per day, _______ bricklayers will be hired. A) 4 B) 5 C) 6 D) There is insufficient information to make this decision. 2. If the price (wage) of bricklayers is $100, the firm’s supply curve for bricklayers will be: A) a vertical line at $100. B) the same as the MRP. C) given by the labor market to the firm hiring bricklayers. D) the same as its MRP. 3. Assume that the market determined price of bricklayers is $100. For a profit-maximizing firm at the equilibrium level of output, the MRP is: A) $200. B) equal to the MFC. C) the supply curve for the firm hiring bricklayers. D) irrelevant, since the firm is a price taker. 4. If the equilibrium wage in the market for bricklayers is $100 a day, but a minimum wage for bricklayers of $130 a day is set by the government: A) 6 workers will now be hired by the firm. B) 3 workers who otherwise would have been employed are now unemployed. C) all bricklayers are better off. D) the firm will shut down. 5. Which of the following statements is true? A) Bricklayers should be hired whenever the marginal revenue product of bricklayers is less than the marginal factor cost of bricklayers. B) The profit-maximizing condition for the firm hiring bricklayers is where MRP is greater than the MFC. C) The profit-maximizing condition for a firm hiring bricklayers is where MRP equals the MFC. D) Bricklayers should be hired whenever the marginal factor cost of bricklayers is greater than the marginal revenue product of bricklayers. 6. If the price for “bricks laid in the wall” by a bricklayer is $0.10 a brick, the marginal product of the second bricklayer is _______ bricks. A) 1,500 B) 1,400 C) 1,300 D) 1,200 7. If the price for “bricks laid in the wall” by a bricklayer is $0.10 a brick, the total production of bricks by the first 3 bricklayers is _______ bricks. A) 1,500 B) 2,900 C) 4,200 D) 5,400 8. If the price (wage) of bricklayers is $100 per day, that price was determined by: A) the firm hiring the bricklayers. B) demand and supply in the market for bricklayers. C) the government. D) where MRP = MP x P of output. 9. If the price (wage) of bricklayers is $100, the MFC is: A) less. B) the same. C) greater. D) there is insufficient information to determine the MPC. • Show less

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