13.(p. 208)In a hiring situation, considering that other potential costs will not change in the short run, the level of demand that maximizes profits is that level at which the _____ of the last hire is equal to the _____ for that hire. A. demand factor; supply factorB. marginal output; market priceC. incremental output; marginal outputD.marginal revenue; wage rate Difficulty: Difficult 7-24
Chapter 07 - Defining Competitiveness 14.(p. 189)Considering the third assumption of labor market theory, although some firms find lowering the job requirements and hiring less-skilled workers a better choice than raising wages, this choice incurs: Difficulty: Medium 15.(p. 209)The assumption of the upward sloping supply curve may not hold when _____. Difficulty: Medium 16.(p. 209)If Company A raises its pay rate one dollar per hour to hire additional workers and competitors immediately match the increase, what is the most likely result? Difficulty: Difficult 17.(p. 210)Which theory supports the idea that coal mining should be paid more than office clerical work? A. SignalingB. Marginal productivityC. Efficiency wageD.Compensating differentials Difficulty: Medium 7-25
Chapter 07 - Defining Competitiveness 18.(p. 210-211)The theory that has the most implications for staffing is the _____ theory. Difficulty: Medium 19.(p. 211)Research on efficiency wage theory shows that: Difficulty: Medium 20.(p. 211)_____ theory is typically associated with greater profits. Difficulty: Medium 21.(p. 211)Rent sharing is most commonly associated with the _____ theory. A. human capitalB. signalingC. marginal productivityD.efficiency wage Difficulty: Difficult 7-26
Chapter 07 - Defining Competitiveness
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- Spring '14