
Understanding Labor Markets and Marginal Product
Interactive Video
•
Business
•
10th - 12th Grade
•
Hard

Lucas Foster
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key difference between labor markets and most other markets?
Demand in labor markets comes from firms.
Demand in labor markets comes from individuals.
Labor markets have more suppliers.
Supply in labor markets comes from firms.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can firms generate a demand curve in labor markets?
By increasing their supply.
By reducing their prices.
By examining their revenue structure.
By analyzing their cost structure.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a competitive market, what is true about a firm's marginal revenue?
It is variable.
It is constant.
It decreases with more production.
It increases with more production.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the car wash example, how many cars can one person wash per hour?
9 cars
7 cars
5 cars
3 cars
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the total product of labor represent?
The total number of employees in a firm.
The total output produced by a given amount of labor.
The total revenue from selling products.
The total cost of hiring labor.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the marginal product of labor calculated?
By multiplying the total product by the number of workers.
By adding the total product of all workers.
By subtracting the previous total product from the current total product.
By dividing total product by the number of workers.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the marginal product revenue indicate?
The cost of hiring an additional worker.
The revenue generated by an additional unit of labor.
The total revenue of the firm.
The average revenue per worker.
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