econ13 - ubmitted by Le Thao(THAOLE2 on 9:52:02 PM Points 4.94 Awarded Points Missed 10.26 Percentage 32.5 1 The demand for labor is A derived from the

econ13 - ubmitted by Le Thao(THAOLE2 on 9:52:02 PM Points...

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ubmitted by Le, Thao (THAOLE2) on 12/9/2011 9:52:02 PMPoints Awarded4.94Points Missed10.26Percentage32.5% 1. The demand for labor is: A) derived from the demand for the products it is used to produce.B) determined by the demand for consumer products.C) determined by the price of consumer products.D) all of the abovePoints Earned: Answer(s):0.4/0.4 Correct D 2. The marginal product of labor is the: 0.4/0.4 Correct 3. Other things being equal, as diminishing marginal returns begin to occur, the marginal revenue product of labor: 0.4/0.4
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Answer(s): 4. The marginal revenue product of labor is the: 0.4/0.4 Correct Answer(s):D 5. Applied to perfectly competitive labor markets, the marginal principle tells firms to hire workers until A) marginal revenue product of the last worker hired equals the wage.B) marginal productivity begins to diminish.C) average total costs are minimized.D) the price of the product equals the wage of the worker.Points Earned: Answer(s):0.4/0.4 Correct A 6. In the short run, the marginal-revenue product curve is ________ because of ________. 0.0/0.4 Correct A 7.
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If the price of output increases, the marginal revenue product curve will shift ________ and the profit maximizing quantity of labor demanded will ________. 0.0/0.4 Correct A 8. Table 17.2Refer to Table 17.2. If the price of output is $10 per unit, the marginal revenue product of the third unit of labor is: 0.4/0.4 Correct
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