slopes upward… Show more Question 1 (1 point) A monopolist

slopes upward… Show more Question 1 (1 point) A monopolist’s demand curve for labor: Question 1 options: slopes upward because monopolists use more capital than do perfectly competitive firms. slopes down because of the law of diminishing marginal returns and because the monopolist must lower prices to sell additional units of the good. slopes down for the same reason as the demand curve for labor of a perfectly competitive firms. is horizontal even though the demand curve for labor for a competitive firm is downward sloping. Question 3 (1 point) A firm that employs labor located outside the country in which it is located engages in: Question 3 options: labor outsourcing. unpatriotic behavior. labor exploitation. labor insourcing . Save Question 4 (1 point) A profit maximizing firm will lure inputs in combinations Question 4 options: that equate marginal physical products of each input. such that the marginal physical product per last dollar spent on each factor of production is equalized. that minimize the prices of inputs. that equate marginal revenue products of each input. Save Question 5 (1 point) All of the following can cause the demand curve for labor to shift to the right except Question 5 options: an increase in the demand for the final product. an increase in the price of the final product. an increase in the supply of labor. an increase in the productivity of labor. Save Question 6 (1 point) The market demand curve for labor is Question 6 options: the vertical summation of the individual firms’ demand curves for labor. less elastic than the horizontal summation of the individual firms’ demand curves because output price changes as total output changes. affected by the magma factor cost of labor. the horizontal summation of the individual firms’ demand curves for labor. Save Question 7 (1 point) The MRP curve of the monopolist is: Question 7 options: never less elastic than the MRP curve of the perfect competitor always more unit elastic than the MRP curve of the perfect competitor always less elastic than the MRP curve of the perfect competitor. none of the above. Save Question 8 (1 point) For a perfectly competitive firm, the value of the marginal product of labor falls as more workers are hired because of the diminishing Question 8 options: 1) output price. 2) marginal physical product of labor. 3) price of labor. 4) marginal cost of production. Save Question 9 (1 point) The additional revenue earned from hiring one more worker is known as the Question 9 options: 1) marginal physical product of labor. 2) marginal revenue product of labor. 3) marginal factor cost of labor. 4) marginal utility of labor. Save Question 10 (1 point) A firm’s marginal revenue product of labor curve is also Question 10 options: 1) its labor demand curve. 2) its marginal cost curve. 3) its total revenue line. 4) its long-run input cost function. Save Question 11 (1 point) A perfectly competitive firm will hire workers up to the quantity at which the wage rate equals the Question 11 options: 1) marginal revenue product of labor. 2) marginal factor cost of labor. 3) price of the extra output produced. 4) average physical product of labor. • Show less

                                                                                                                                  Order Now

Place Order