Question 1

A change in a factor's price will have a greater effect on the quantity of the factor demanded the:

Accepted Answer

A)   smaller the change in the factor's price.
B)   smaller the factor's share of total cost of production.
C)   more elastic is the demand for the product the factor helps to make.
D)   more inelastic is the demand for the product the factor helps to make.E) A) and D)
F) B) and C)

Question 2

A technological improvement that causes an increase in the marginal product of a resource will:

Accepted Answer

A)   decrease the demand for the resource.
B)   increase the demand for the resource.
C)   decrease the marginal revenue product.
D)   increase the marginal resource cost.E) A) and B)
F) All of the above

Question 3

A monopsonist faces an MRC schedule that lies above the supply of labor schedule.

Accepted Answer

A) True 
 B)False

Question 4

A single buyer is called a(n) :

Accepted Answer

A)   monopolist.
B)   monopsonist.
C)   oligopolist.
D)   labor union.E) B) and C)
F) B) and D)

Exam 10: Wage Determination

A change in a factor's price will have a greater effect on the quantity of the factor demanded the:

Correct Answer
verified

A monopsonist faces an MRC schedule that lies above the supply of labor schedule.

Correct Answer
verified

A technological improvement that causes an increase in the marginal product of a resource will:

Correct Answer
verified

A single buyer is called a(n) :

Correct Answer
verified

Exam 10: Wage Determination

A change in a factor's price will have a greater effect on the quantity of the factor demanded the:

Correct AnswerverifiedShow Answer

A monopsonist faces an MRC schedule that lies above the supply of labor schedule.

Correct AnswerverifiedShow Answer

A technological improvement that causes an increase in the marginal product of a resource will:

Correct AnswerverifiedShow Answer

A single buyer is called a(n) :

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified