B must be selling its product in an imperfectly

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B. must be selling its product in an imperfectly competitive market. C. is a "wage taker." D. must pay a higher marginal resource cost for each successive worker. AACSB: Reflective Thinking Skills Blooms: Application Learning Objective: 13-2 McConnell - Chapter 13 #37 Topic: Purely competitive labor markets 38. Refer to the above diagrams. The firm: A. has a principal-agent problem. B. has a constant marginal resource cost of $5. C. has a marginal resource cost that exceeds the wage rate for each worker. D. will fail to maximize profits if it hires 5 workers. AACSB: Analytical Skills Blooms: Application Learning Objective: 13-2 McConnell - Chapter 13 #38 Topic: Purely competitive labor markets 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. AACSB: Reflective Thinking Skills Blooms: Analysis Learning Objective: 13-2 McConnell - Chapter 13 #39 Topic: Purely competitive labor markets 40. Refer to the above diagrams. The profit-maximizing firm's total revenue: A. is 0 abc . B. is 0 wbc . C. is wab . D. cannot be determined. AACSB: Reflective Thinking Skills Blooms: Analysis Learning Objective: 13-2 McConnell - Chapter 13 #40 Topic: Purely competitive labor markets 41. Refer to the above diagrams. At the profit-maximizing level of employment for this firm, the amount available to pay to nonlabor resources: A. is 0 abc . B. is 0 wbc . C. is wab . D. cannot be determined. AACSB: Reflective Thinking Skills Blooms: Analysis Learning Objective: 13-2 McConnell - Chapter 13 #41 Topic: Purely competitive labor markets
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42. The individual firm in a purely competitive labor market faces: A. a perfectly elastic labor supply curve and a downsloping labor demand curve. B. a perfectly elastic labor demand curve and an upsloping labor supply curve. C. labor demand and labor supply curves both of which are perfectly elastic. D. a downsloping labor demand curve and an upsloping labor supply curve. AACSB: Reflective Thinking Skills Blooms: Understanding Learning Objective: 13-2 McConnell - Chapter 13 #42 Topic: Purely competitive labor markets McConnell - Chapter 13 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: A. $16. B. $32. C. $8. D. $4. 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: A. $8.
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B must be selling its product in an imperfectly competitive...

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