{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Homework Set 3 revised

# Homework Set 3 revised - Homework Set#3 ECN 212 Dr Roberts...

This preview shows pages 1–3. Sign up to view the full content.

Homework Set #3 - ECN 212 - Dr. Roberts Due in the lab no later than Wednesday, November 7, 2007 or may be turned in at the end of a regularly scheduled class. Answers must be submitted on a NCS Pearson Scantron, Form 229633, available at the ASU Bookstore. Answer sheets must be marked in pencil and contain your name and 10 digit ASU Affiliate Identification Number. 1. In the figure above, a monopsony will pay the wage rate a. W 1 and hire Q 1 . b. W 3 and hire Q 1 . c. W 2 and hire Q 2 . d. W 1 and hire Q 3 . e. W 1 and hire Q 2 . 2. In the figure above, if this were a competitive labor market they would pay the wage rate 3. In the figure above, if the government imposes a minimum wage of W 2 , what quantity of labor will a competitive labor market hire?

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
4. In the figure above, if the government imposes a minimum wage of W 2 , what quantity of labor will a monopsonist hire? 5. Which of the following variables is least likely to affect the demand for a resource? a. The prices of substitute resources b. The availability of substitute resources c. The demand for the final good d. The price of the final good e. The availability of the resource 6. In the figure above, a shift from S 2 to S 1 might be caused by Number of Workers Output per Hour Price of the Product 0 0 \$3 1 7 3 2 12 3 3 15 3 4 17 3 5 18 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### Page1 / 7

Homework Set 3 revised - Homework Set#3 ECN 212 Dr Roberts...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online