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Refer to the above information this labor supply

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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
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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
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