Use the resource demand data shown on the left and

Info iconThis preview shows pages 42–44. Sign up to view the full content.

View Full Document Right Arrow Icon
Use the resource demand data shown on the left and the resource supply data on the right in answering the following question(s): McConnell - Chapter 13 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 AACSB: Analytical Skills Blooms: Analysis Learning Objective: 13-3 McConnell - Chapter 13 #54 Topic: Monopsony and imperfectly competitive labor markets 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 AACSB: Analytical Skills Blooms: Analysis Learning Objective: 13-3 McConnell - Chapter 13 #55 Topic: Monopsony and imperfectly competitive labor markets 56. Refer to the above data. What will be the profit-maximizing wage rate? A. $6 B. $5 C. $4 D. $3 AACSB: Analytical Skills Blooms: Analysis Learning Objective: 13-3 McConnell - Chapter 13 #56 Topic: Monopsony and imperfectly competitive labor markets
Background image of page 42

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

View Full Document Right Arrow Icon
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 AACSB: Analytical Skills Blooms: Analysis Learning Objective: 13-3 McConnell - Chapter 13 #57 Topic: Monopsony and imperfectly competitive labor markets 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. D. the resource market is purely competitive but the product market is imperfectly competitive. AACSB: Analytical Skills Blooms: Analysis Learning Objective: 13-3 McConnell - Chapter 13 #58 Topic: Monopsony and imperfectly competitive labor markets 59. The economic term for a sole employer in a nonunion community is: A. monopsonist. B. monopolist. C. bilateral competitor. D. bilateral monopolist. AACSB: Analytical Skills Blooms: Knowledge Learning Objective: 13-3 McConnell - Chapter 13 #59 Topic: Monopsony and imperfectly competitive labor markets 60. In a monopsonistic labor market the employer will maximize profits by employing workers up to that point at which: A. the difference between the wage rate and marginal resource (labor) cost is at a maximum. B. marginal revenue product equals marginal resource (labor) cost. C. the wage rate equals marginal revenue product. D. the wage rate equals marginal resource (labor) cost. AACSB: Reflective Thinking Skills Blooms: Understanding Learning Objective: 13-3 McConnell - Chapter 13 #60 Topic: Monopsony and imperfectly competitive labor markets 61. A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh worker. The marginal wage cost of the seventh worker is: A. $9. B. $10. C.
Background image of page 43
Image of page 44
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page42 / 81

Use the resource demand data shown on the left and the...

This preview shows document pages 42 - 44. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online