AP Micro Unit 5 Homework

Quiz
•
Social Studies
•
12th Grade
•
Medium
Austin Simms
Used 7+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A monopsonistic labor market has a
single employer of labor
horizontal labor supply curve
labor force of identically skilled workers
backward bending labor supply curve
demand curve for labor that is perfectly elastic
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The graph above shows a monopsony labor market. In the absence of any regulations, which of the following represents the number of workers the firm will hire and the wage rate it will offer to those workers? 4MI52
Number of Workers: 15, Wage Rate: $30
Number of Workers: 20, Wage Rate: $20
Number of Workers: 20, Wage Rate: $40
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The marginal revenue product of labor is the 4MI53
product price times the wage rate
additional revenue a firm earns when it employs an additional unit of labor
increase in the average product of labor when the firm employs an additional unit of labor
increase in the price of labor when the firm employs an additional unit of labor
marginal revenue plus product price
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A contractor is employing labor and capital to build an office complex. At the current mix of inputs, the marginal product of labor is 30 square feet per day, and the marginal product of capital is 90 square feet per day. The price of labor is 3,000 per day. To hire inputs in a cost-minimizing way, the firm should 4MI54
hire more labor and less capital
hire less labor and more capital
hire more labor and more capital
hire less labor and less capital
make no changes to the mix of inputs
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
ABC Limited, Inc., sells its product in a perfectly competitive market for a price of 75. Labor is the only factor cost, and the firm is currently earning profits. If ABC hires one more worker and output increases by 5 units per day, the firm's profits will
decrease by $5
decrease by $75
increase by $75
increase by $15
remain unchanged
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to the information in the table above, the twelfth worker would increase the hourly profit by 4MI56.
$0.20
$1.10
$1.30
$2.40
$5.20
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A factor of production will NOT earn economic rent when its supply is 4MI57.
elastic
inelastic
unit elastic
perfectly elastic
perfectly inelastic
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