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Microeconomics - Factor Markets Flashcards | StudBud
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Microeconomics - Factor Markets
Microeconomics - Factor Markets
20 terms
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Microeconomics - Factor Market unit (plus some cumulative topics)
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Difference in wages that arises from nonmonetary characteristics of different jobs is...
Compensating Differential
VMPL
Derived Demand
Marginal Revenue
2
A profit maximizing monopoly's total revenue is equal to
P3 x Q2
(P3 - P0) x Q2
P2 x Q4
(P3 - P0) x Q4
3
Which of the following markets is not likely characterized by a monopolistic competitive market
The market for corn
The market for piano lessons
The market for cookies
The market for clothing
4
Because many substitutes exist for a competitive firm's product, the demand cure that it has is
Perfectly Inelastic
Unit-Elastic
Inelastic only over a certain region
Perfect Elastic
5
One firm that is the only employer of a factor of production is a...
Monopoly
Perfectly Competitive Firm
Oligopoly
Monopsonist
6
A single number that summarizes a country’s level of income inequality
Gini Coefficient
Poverty Rate
Discriminatory Determinant
Gungan Coefficient
7
Which of the following is NOT a factor of production?
Entrepreneurship
Labor
Trust Firms
Capital
8
Which of the following is a factor in the production of YOUR education?
The Force
Homecoming
Trivia Crack
Mr. Held
9
________ refersto the equipment and structures used to produce goods and services.
Labor
R2D2
Capital
Firms
10
Where will this Monopsonist establish the wages to it's employees?
W c
Not enough information
W e
A
11
The cost of producing the typical unit of output is the firm's
Opportunity Cost
Variable Cost
Marginal Cost
Average Total Cost
12
Higher Education is a form of
Labor Detractor
Human Capital
Price Determinant
Labor
13
The marginal cost curve for a monopoly is depicted by curve...
D
A
C
B
14
If the price of a substitute falls AND the Output Effect >Substitution Effect, Labor Demand...
Stays the Same
Increases
Ceases to Exist
Decreases
15
How many factors of production can be seen in this photo
1
4
3
2
16
For factor markets, MRPL stands for:
Marginal Revenue of the Production of Labor
Market Revenue for the Producing of Land
Marginal Revenue of Profit Labor
Maximum Revenue for the Production of Labor
17
Which area represents the total surplus lost due to monopoly pricing
BGE
CFGD
ACDB
BDE
18
Firm who can supply a product to an entire market at a lower cost than could 2 or more firms,
exclusive industry
government monopoly
resource industry
natural monopoly
19
The substitution effect always involves a change in consumption in the ___ direction of the ___
opposite; price
opposite; budget
opposite; income
same; budget
20
The demand for a factor of production is a...
Copied Demand
Marginal Demand
Backwards Bent Demand
Derived Demand
