set up the Federal Trade Commission (FTC) to deal with "unfair methods of competition." Ques 4 / 4 pts tion 12 The public interest theory of regulation holds that regulators are seeking to do and will do through regulation what is in the best interest of the public or society at large. Ques 4 / 4 pts tion 13 2/10/2020 Module 5 - Graded Quiz: Chapters 25 & 26: ECON 210 Microeconomics - Jan 2020 - Online 9/15 Units of Labor Quantity of Output Marginal Revenue 0 0 $5 1 500 $5 2 900 $5 3 1150 $5 4 1350 $5 5 1530 $5 Refer to Exhibit 26-5. The marginal revenue product of the fourth unit of labor is $1,000. Q 4 / 4 pts uestion 14 "Screening" is the process used by employers to increase the probability of choosing good employees based on certain criteria.
Ques 4 / 4 pts tion 16 A firm obeys the least-cost rule for factors X and Y by equating MPPx/Px to MPPy/Py. Ques 4 / 4 pts tion 17 The least-cost rule requires that, for every factor, the ratio of the marginal physical product to factor price must be equal. Ques 4 / 4 pts tion 18 If for a firm MRP > MFC, then the firm should produce more output by increasing the quantity of factors employed. Q 4 / 4 pts uestion 19 The market supply curve of labor slopes upward, indicating that as the wage rate rises, the quantity supplied of labor rises. Q 4 / 4 pts uestion 20 (1) Units of Factor X (2) Quantity of Output (3) Product Price (4) Marginal Revenue
Product 0 0 $8 1 20 $8 (A) 2 37 $8 (B) 3 47 $8 (C) 4 53 $8 (D) Refer to Exhibit 26-1. What dollar value goes in blank (C)? $80 Ques 4 / 4 pts tion 21 The percentage change in the quantity demanded of labor divided by the percentage change in the wage rate is called the elasticity of demand for labor. Ques 4 / 4 pts tion 22 Given a 10 percent increase in wages, firm A cuts back on labor more than firm B. It follows that, ceteris paribus, firm A likely has a higher labor cost-total cost ratio than firm B. Ques 4 / 4 pts tion 23 Three untantitrust demanded of labor that is brought about by a percentage change in the wage rate. Refer to Exhibit 26-8. The marginal physical product of the second and third units of factor X, respectively [blanks (A) and (B)], are,
Correct : 10 and 11 Ques 4 / 4 pts tion 25 Marginal factor cost (MFC) is the additional cost generated by employing an additional factor unit. There are ten firms in an industry. Five of the firms each have a market share of 13 percent and five of the firms each have a market share of 7 percent. The Herfindahl index is Refer to Exhibit 26-8. Question 1 0 / 0 pts "Regulatory lag" refers to the period between the time when Correct!
the natural monopolist's costs change and the time the regulatory agency adjusts the monopolist's prices. Question 2 0 / 0 pts There are ten firms in an industry. Five of the firms each have a market share of 13 percent and five of the firms each have a market share of 7 percent. The Herfindahl index is Correct!
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