60253881-ch13

# Refer to the above diagrams the profit maximizing

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

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:

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

View Full Document
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:
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:

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

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern