Refer to the above data this firms product price is a

Info icon This preview shows pages 40–42. Sign up to view the full content.

View Full Document Right Arrow Icon
43. Refer to the above data. This firm's product price is: A. $2. B. $3. C. $4. D. $16. AACSB: Analytical Skills Blooms: Application Learning Objective: 13-2 McConnell - Chapter 13 #43 Topic: Purely competitive labor markets 44. Refer to the above data. The marginal revenue product of the second worker is: AACSB: Analytical Skills Blooms: Application Learning Objective: 13-2 McConnell - Chapter 13 #44 Topic: Purely competitive labor markets 45. Refer to the above data. The marginal revenue product of the fourth worker is: AACSB: Analytical Skills Blooms: Application Learning Objective: 13-2 McConnell - Chapter 13 #45 Topic: Purely competitive labor markets 46. Refer to the above data. We can conclude from the information given that this firm is a: AACSB: Analytical Skills Blooms: Analysis Learning Objective: 13-2 McConnell - Chapter 13 #46 Topic: Purely competitive labor markets
Image of page 40

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

View Full Document Right Arrow Icon
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. AACSB: Analytical Skills Blooms: Analysis Learning Objective: 13-2 McConnell - Chapter 13 #47 Topic: Purely competitive labor markets 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: AACSB: Analytical Skills Blooms: Analysis Learning Objective: 13-2 McConnell - Chapter 13 #48 Topic: Purely competitive labor markets 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: AACSB: Analytical Skills Blooms: Analysis Learning Objective: 13-2 McConnell - Chapter 13 #49 Topic: Purely competitive labor markets 50. Refer to the above data. If this firm can hire as few or many workers as it wants at $8, it is: AACSB: Analytical Skills Blooms: Application Learning Objective: 13-2 McConnell - Chapter 13 #50 Topic: Purely competitive labor markets 1. W < MRP; W < MRC 2. W = MRP; W < MRC 3. W = MRP; W = MRC 4. W > MRP; W > MRC McConnell - Chapter 13
Image of page 41
Image of page 42
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    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.

    Student Picture

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

  • Left Quote Icon

    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.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    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.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern