Refer to the above information this labor supply

Info icon This preview shows pages 47–49. Sign up to view the full content.

View Full Document Right Arrow Icon
82. Refer to the above information. This labor supply curve demonstrates that: A. the firm is selling its output under imperfectly competitive conditions. B. the firm is selling its output under purely competitive conditions. C. higher wage rates must be paid to successive workers to overcome their higher opportunity costs. D. the firm is hiring labor under purely competitive conditions. AACSB: Analytical Skills Blooms: Application Learning Objective: 13-3 McConnell - Chapter 13 #82 Topic: Monopsony and imperfectly competitive labor markets 83. Refer to the above information. The marginal resource (labor) cost of the third worker is: AACSB: Analytical Skills Blooms: Application Learning Objective: 13-3 McConnell - Chapter 13 #83 Topic: Monopsony and imperfectly competitive labor markets 84. Empirical studies suggest that, other things equal, the smaller the number of hospitals in a city, the lower are nurses' wages. This is evidence that: AACSB: Reflective Thinking Skills Blooms: Application Learning Objective: 13-3 McConnell - Chapter 13 #84 Topic: Monopsony and imperfectly competitive labor markets
Image of page 47

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

View Full Document Right Arrow Icon
McConnell - Chapter 13 85. If the above diagram was relevant to an individual firm, we could conclude that the firm is: AACSB: Reflective Thinking Skills Blooms: Application Learning Objective: 13-3 McConnell - Chapter 13 #85 Topic: Monopsony and imperfectly competitive labor markets 86. Refer to the above diagram. The MRC curve lies above the labor supply curve because: A. any number of workers can be hired at the going equilibrium wage rate. B. the firm must lower product price to increase its sales. C. the higher wage needed to attract additional workers must also be paid to the workers already employed. D. there is an inverse relationship between wage rate and the amount of labor employed. AACSB: Reflective Thinking Skills Blooms: Application Learning Objective: 13-3 McConnell - Chapter 13 #86 Topic: Monopsony and imperfectly competitive labor markets
Image of page 48
Image of page 49
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