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Which of the following will not cause the supply of labor cu

Paper help Economics Which of the following will not cause the supply of labor cu

Economics

Which of the following will not cause the supply of labor cu

Which of the following will not cause the supply of labor curve to shift in the ec… Show more Question 11 Which of the following will not cause the supply of labor curve to shift in the economics professor industry? Question 11 options: University professors are going to be required to spend more time in their offices. Universities have discovered a way to make professors more productive. A decrease in the number of courses a professor must teach. A decrease in the wage rate for Ph.D. economists in the banking industry. Question 12 Refer to the above table. If the price of the product is $1.50, and the marginal factor cost of an additional unit of an input is $105, how many units of labor should be hired? Question 12 options: 13 12 14 11 Question 13 If a firm wants to maximize profits it should Question 13 options: hire unskilled labor rather than skilled labor since unskilled labor is cheaper. equate the marginal revenue product for each input to the price of the input. equate the marginal physical product for each input to the price of the input. hire lots of capital and very little labor since labor needs to be trained. Question 14 When manufacturing a car, parts must be soldered together. This work can be done by labor or by a robot (capital). More robots will be hired when the price of labor increases. This is known as Question 14 options: the complementary effect. the substitution effect. the effect of changing labor productivity. marginal revenue product. Question 15 The demand curve for labor of a monopolist Question 15 options: is horizontal even though the demand curve for labor for a competitive firm is downward sloping. slopes down for the same reason as the demand curve for labor of a perfectly competitive firm. slopes down because of the law of diminishing marginal product and because the monopolist must lower prices to sell additional units of the good. slopes upward because monopolists use more capital than do perfectly competitive firms. Question 16 Which of the following statements describes the long-run effects of global outsourcing? Question 16 options: Wages for U.S. workers will decrease but wages in other countries will increase. Wages in all countries will remain the same as before the outsourcing. Wages and employment will increase globally. Wages will increase globally and employment will stay the same. Question 17 For a perfectly competitive firm, the value of the marginal product is Question 17 options: marginal physical product times the product price. the same thing as marginal physical product. marginal physical product times the wage rate. the same thing as marginal factor cost. Question 18 A profit-maximizing firm will hire additional units of labor until Question 18 options: the extra revenue from hiring the last worker equals the marginal physical product of labor. the additional cost of hiring the last worker equals the marginal factor cost of the worker. the additional cost of hiring the last worker equals the additional revenue generated by that worker. the extra cost from hiring the last worker equals the cost of the product. Question 19 The equilibrium wage rate in an industry is found by Question 19 options: the intersection of the market demand curve for labor and the marginal revenue product curve of labor. the intersection of the market demand curve for labor and the market supply curve of labor. negotiations between the union leadership and the managers of the firms. the intersection of the firm’s demand curve for labor and the firm’s supply curve of labor. Question 20 The marginal physical product of labor is Question 20 options: the change in total revenues resulting from the addition of one more worker, while increasing one other factor of production. the output of the firm divided by the number of workers. the change in output resulting from the addition of one more worker, adjusting the level of the capital stock accordingly. the change in output resulting from the addition of one more worker, holding other factors of production constant. • Show less

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