B price at which additional units of a resource can

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B. price at which additional units of a resource can be hired in an imperfectly competitive resource market. C. increase in total cost resulting from the production of one more unit of output. D. amount by which a firm's total resource cost increases as the result of hiring one more unit of the resource. AACSB: Analytical Skills Blooms: Knowledge Learning Objective: 13-2 McConnell - Chapter 13 #17 Topic: Purely competitive labor markets 18. If a firm is hiring a certain type of labor under purely competitive conditions: A. its labor demand curve will be perfectly elastic at the market-determined wage rate. B. the labor supply curve will lie above the marginal labor cost curve. C. the labor supply and marginal labor (resource) cost curves will coincide and be upsloping. D. the labor supply and marginal labor (resource) cost curves will coincide and be perfectly elastic. AACSB: Analytical Skills Blooms: Understanding Learning Objective: 13-2 McConnell - Chapter 13 #18 Topic: Purely competitive labor markets 19. The labor supply curve for a particular occupation is upsloping because: A. higher wages will be needed to attract workers from other occupations. B. lower wages will be needed to increase employment. C. higher wages will enable some workers to afford more leisure. D. the labor demand curve is downsloping. AACSB: Analytical Skills Blooms: Understanding Learning Objective: 13-2 McConnell - Chapter 13 #19 Topic: Purely competitive labor markets 20. The market supply curve for labor is upsloping because: A. of diminishing returns. B. of the opportunity cost of labor in housekeeping, leisure, or alternative employments. C. of declining MRC. D. each employer is a "wage taker." AACSB: Analytical Skills Blooms: Understanding Learning Objective: 13-2 McConnell - Chapter 13 #20 Topic: Purely competitive labor markets 21. A firm operating in a purely competitive resource market faces a resource supply curve that is: A. perfectly inelastic. B. perfectly elastic. C. highly inelastic. D. highly elastic. AACSB: Analytical Skills Blooms: Knowledge Learning Objective: 13-2 McConnell - Chapter 13 #21 Topic: Purely competitive labor markets 22. A firm that is hiring labor in a purely competitive labor market and selling its product in a purely competitive product market will maximize its profit by hiring labor until: A. marginal revenue product is zero. B. marginal revenue product exceeds marginal resource (labor) cost by the greatest amount. C. marginal resource cost is zero. D. marginal revenue product equals marginal resource (labor) cost. AACSB: Analytical Skills Blooms: Understanding Learning Objective: 13-2 McConnell - Chapter 13 #22 Topic: Purely competitive labor markets
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23. A profit-maximizing firm will: A.
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B price at which additional units of a resource can be...

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