{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Refer to the above diagrams the profit maximizing

Info iconThis preview shows pages 5–8. Sign up to view the full content.

View Full Document Right Arrow Icon
39. Refer to the above diagrams. The profit-maximizing firm's total wage cost: A. is 0 abc . B. is 0 wbc . C. is wab . D. cannot be determined. 40. Refer to the above diagrams. The profit-maximizing firm's total revenue:
Background image of page 5

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

View Full Document Right Arrow Icon
41. Refer to the above diagrams. At the profit-maximizing level of employment for this firm, the amount available to pay to nonlabor resources: 42. The individual firm in a purely competitive labor market faces: 43. Refer to the above data. This firm's product price is: A. $2. B. $3. C. $4. D. $16. 44. Refer to the above data. The marginal revenue product of the second worker is: 45. Refer to the above data. The marginal revenue product of the fourth worker is: 46. Refer to the above data. We can conclude from the information given that this firm is a: 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:
Background image of page 6
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: 50. Refer to the above data. If this firm can hire as few or many workers as it wants at $8, it is: 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:
Background image of page 7

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

View Full Document Right Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}