exam - Quest ion 1 2 out of 2 points Refer to the above...

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Quest ion 1 2 out of 2 points Refer to the above labor market diagram where D is the labor demand curve, S is the labor supply curve, and MRC is the marginal resource (labor) cost curve. If this were a monopsonistic labor market, the equilibrium wage rate and level of employment would be: Selected Answer: Correct Answer:
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Question 2 0 out of 2 points Which of the following bargaining tactics is illegal? Selected Answer: Correct Answer: Question 3 2 out of 2 points If a firm is a monopsonist in the hiring of both labor and capital, it will obtain the profit-maximizing quantities of labor and capital when: Selected Answer: Correct Answer: Question 4 0 out of 2 points A monopsonistic employer's marginal resource (labor) cost curve: Selected Answer: Correct Answer: Question 5 2 out of 2 points A monopsonistic employer may sell its product in a competitive market. Selected Answer: Correct Answer: Question 6 0 out of 2 points Shirking refers to the behavior of workers who provide less-than-expected effort on the job.
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Question 6 0 out of 2 points Selected Answer: Correct Answer: Question 7 2 out of 2 points Assume the Ajax Mining Company hires 80 percent of the nonunion labor force of Mother Lode, New Mexico. Also, suppose that this labor force is highly immobile. Economists would describe this employer as a: Selected Answer: Correct Answer: Question 8 2 out of 2 points Answer the next question(s) on the basis of the following supply information for a single firm in a particular labor market: Refer to the above information. The marginal resource (labor) cost of the third worker is: Selected Answer: Correct Answer: Question 9 2 out of 2 points Refer to the above two diagrams for individual firms. Figure 2 pertains to: Selected Answer: Correct Answer:
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Question 10 2 out of 2 points Answer the next question(s) on the basis of the following information for a pure monopolist: How many units would the above profit-maximizing nondiscriminating monopolist produce? Selected Answer: Correct Answer: Question 11 2 out of 2 points If a pure monopolist is operating in a range of output where demand is elastic: Selected Answer: Correct Answer: Question 12 2 out of 2 points Refer to the above diagrams. In diagram (B) the profit-maximizing quantity is: Selected Answer: Correct Answer: Question 13 2 out of 2 points With respect to the pure monopolist's demand curve it can be said that: Selected Answer:
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13 2 out of 2 points Correct Answer: Question 14 0 out of 2 points Price exceeds marginal revenue for the pure monopolist because the: Selected Answer: Correct Answer: Question 15 0 out of 2 points Refer to the above long-run cost diagram for a firm. If the firm produces output Q 2 at an average cost of ATC 2 , then the firm is: Selected Answer: Correct Answer: Question 16 2 out of 2 points When a pure monopolist is producing its profit -maximizing output, price will: Selected Answer: Correct Answer: Question 17 2 out of 2 points
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exam - Quest ion 1 2 out of 2 points Refer to the above...

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