How many workers will a rational employer take on for a firm in a perf competitive labour mkt?

Where the wage rate = MRP of last worker

The labour supply curve for a firm in a perf. comp. labour market will be all of these, except

The industry labour supply curve

All of the following would shift the S curve of labour for an industry to the right, except

An increase in the prevailing wage rate in the industry

Anyone can do Geoff Riley's job. There is an infinite pool of Geoff/Jim Riley twin-a-likes

Supply of labour to tutor2u is perfectly elastic

Which of the following situations will make demand for labour more likely to be wage inelastic?

Inelastic demand for the product

A monopsonist, offering a higher wage to attract more workers, faces

A MC curve of labour that is steeper than its labour S curve

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The supply and demand of labour

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#demand for labour #supplyoflabour

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Questions 10

Answers

1
The short-run demand for labour is also known as
Total physical product
Total revenue product
Marginal physical product
Marginal revenue product
2
How many workers will a rational employer take on for a firm in a perf competitive labour mkt?
Where MPP = zero
Where MR = MC, MC rising
Where the wage rate = MRP of last worker
Where TPP is at its highest
3
Factors that might shift the demand for labour to the right include all of these, except
Supply of labour falls
Demand for the firm's product increases
The price of the firm's product rises
Labour productivity improves
4
The labour supply curve for a firm in a perf. comp. labour market will be all of these, except
Its average cost of labour curve
Its marginal cost of labour curve
The industry labour supply curve
The equilibrium 'going wage rate' in the industry
5
"There's only one Virang Dal" chanted his acolytes. This suggests that he is..
Perfectly inelastic in demand
Perfectly elastic in supply
Perfectly elastic in demand
Perfectly inelastic in supply
6
All of the following would shift the S curve of labour for an industry to the right, except
Reduced barriers to entry to the industry
Increased non-pecuniary benefits associated with the job
Reduced wage rates in alternative occupations
An increase in the prevailing wage rate in the industry
7
Anyone can do Geoff Riley's job. There is an infinite pool of Geoff/Jim Riley twin-a-likes
Supply of labour to tutor2u is perfectly inelastic
Demand for labour to tutor2u is perfectly inelastic
Supply of labour to tutor2u is perfectly elastic
Demand for labour to by tutor2u is perfectly elastic
8
Which of the following situations will make demand for labour more likely to be wage inelastic?
Labour costs are a high proportion of total costs
Inelastic demand for the product
A longer time period
High mobility between factors of production
9
A monopsonist, offering a higher wage to attract more workers, faces
A MC curve of labour that is steeper than its labour S curve
An AC curve for labour the same as its MC curve for labour
10
The MRP curve has two elements
TPP and output
MPP and price
APP and price
MPP and productivity

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