1.pdf - 1 Which of these is NOT a characteristic of a competitive labor market a Information is widely available and accurate b Firms are price makers c

1.pdf - 1 Which of these is NOT a characteristic of a...

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1 1. Which of these is NOT a characteristic of a competitive labor market? a. Information is widely available and accurate. b. Firms are price makers. c. No employee is considered special or unique. d. There is easy entry into and exit from the industry. 2.(Table) Based on the table, what must be TRUE about the labor supply curve as the wage rate rises from $20 to $30 per hour? a.As the wage rate rises, more hours of leisure are consumed. b.The income effect dominates the substitution effect. c.The substitution effect dominates the income effect. d.As the wage rate rises, hours of work decrease. 3.The main difference between marginal revenue product (MRP) and the value of marginal product (VMP) is that VMP: 4. Which piece of legislation ended "closed shops" in the American workplace? a. the Norris-LaGuardia Act b. the Taft-Hartley Act c. the Wagner Act d. Executive Order 10988
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