B 3 c 4 d 16 44 refer to the above data the marginal

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B. $3. C. $4. D. $16. 44. Refer to the above data. The marginal revenue product of the second worker is: A. $16. B. $32. C. $8. D. $4. 45. Refer to the above data. The marginal revenue product of the fourth worker is: A. $8. B. $52. C. $2. D. $4. 46. Refer to the above data. We can conclude from the information given that this firm is a: A. pure monopolist. B. discriminating monopolist. C. monopolistic competitor. D. pure competitor. 47. Refer to the above data. If the market wage rate is $8, this firm will employ: A. 2 workers. B. 3 workers. C. 4 workers. D. 5 workers. 48. Refer to the above data. If the market wage rate is $8 and the firm hires its profit-maximizing number of workers, the firm's total wage bill (payment) will be: A. $16. B. $24. C. $32. D. $48.
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49. Refer to the above data. If the market wage rate is $8 and the firm hires its profit-maximizing number of workers, the firm's total revenue will exceed its total wage payment by: A. $20. B. $16. C. $12. D. $8. 50. Refer to the above data. If this firm can hire as few or many workers as it wants at $8, it is: A. hiring labor in a monopsony labor market. B. hiring labor in a purely competitive labor market. C. selling its product in a monopolized product market. D. selling its product in a purely competitive product market. 1. W < MRP; W < MRC 2. W = MRP; W < MRC 3. W = MRP; W = MRC 4. W > MRP; W > MRC 51. Refer to the above list. The outcome in a purely competitive labor market is shown by: A. 1. B. 2. C. 3. D. 4. 52. Refer to the above list. The outcome in a monopsony labor market is shown by: A. 1. B. 2. C. 3. D. 4. 53. The labor supply curve facing a purely competitive employer is __________ whereas the labor supply curve facing a monopsonist is ___________. A. upward sloping; horizontal B. downward sloping; vertical C. vertical; upward sloping D. horizontal; upward sloping Use the resource demand data shown on the left and the resource supply data on the right in answering the following question(s): 54. Refer to the above data. How many workers will this profit-maximizing firm choose to employ? A. 6 B. 5 C. 4 D. 3 55. Refer to the above data. How many units of output will this profit-maximizing firm produce? A. 39 B. 48 C. 55 D. 60
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56. Refer to the above data. What will be the profit-maximizing wage rate? A. $6 B. $5 C. $4 D. $3 57. Refer to the above data. What will be the profit-maximizing selling price of the product? A. $1.40 B. $1.60 C. $1.80 D. $2.00 58. Refer to the above data. We can conclude that: A. both the product and resource markets are imperfectly competitive. B. the resource market is imperfectly competitive but the product market is purely competitive. C. both the resource and product markets are purely competitive.
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B 3 C 4 D 16 44 Refer to the above data The marginal...

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